System and method for associating aerial images, map features, and information

ABSTRACT

Systems and methods for creating a unified commercial real estate data model through collection, distribution and use of information in connection with commercial real estate and for creating a web-based marketplace that facilitates the efficient and secure buying, selling, and leasing of commercial properties. The invention facilitates a digital marketplace in which the members of the commercial real estate and related business community can continuously interact and facilitate transactions by efficiently exchanging accurate and standardized information. An embodiment provides systems and methods for researching and developing information on commercial real estate properties, including systems and methods for associating an aerial image with map features and information concerning objects appearing in the image.

This application is a continuation-in-part of application Ser. No.10/657,275, filed Sep. 9, 2003, which is a continuation-in-part ofapplication Ser. No. 10/256,197, filed Sep. 27, 2002, which is acontinuation-in-part of application Ser. No. 09/973,703, filed Oct. 11,2001, which is a continuation-in-part of application Ser. No.09/693,988, filed Oct. 23, 2000. This application also claims thebenefit of U.S. Provisional Application No. 60/618,976, filed Oct. 18,2004, which is herein incorporated by reference in its entirety

BACKGROUND

1. Field of the Invention

The present invention broadly relates to the field of electroniccommerce and global network information management services, andparticularly, to a system and method for creating a unified commercialreal estate data model through collection, distribution and use ofinformation in connection with commercial real estate and web-basedinformation systems that facilitate the buying and selling of commercialreal estate. More specifically, the present invention relates to systemsand methods for researching and developing information on commercialreal estate properties. An aspect of the present invention relates, morebroadly, to systems and methods for associating an aerial image with mapfeatures and information concerning objects, either static or dynamic,appearing in the image. Another aspect relates to conducting fieldresearch on real estate properties, including the researching ofinformation on real estate properties and the tracking of fieldresearchers that develop the information.

BACKGROUND OF THE INVENTION

Whether measured in terms of variety, volume, or value of transactions,the market for commercial real estate information is vast. In 1998, theU.S. commercial real estate market had: hundreds of thousand of leasingtransactions, with an aggregate value of more than $200 billion, and hadtens of thousands of sales transactions, with an aggregate value of $285billion. In the same year, lenders, provided tens of thousands ofcommercial real estate loans, with an aggregate net value of more than$110 billion, according to the Federal Reserve Board. F.W. Dodge reportsthat during 1998, construction commenced on 766 million square feet ofcommercial properties with an aggregate value of $52 billion. Finally,vendors made $10 billion in sales to tenants who were moving to newfacilities, according to the Corporate Realty Design and ManagementInstitute.

Despite its enormous size, the real estate industry in many ways is abackwater. In the current market, real estate brokers perform variousfunctions. To begin with, individuals, institutions, and owner/users buyand sell buildings. The aggregate sales value of commercial propertiessold in the United States in one year is about $285 billion, accordingto a Federal Reserve estimate. Most transactions occur through the useof a commercial real estate broker, whose job is to list the asset forsale, disseminate the correct information, respond to questions andrequests for specific information, attempt to create an auctionatmosphere, and complete and close a sale. Brokers typically receivebetween 1% and 6% of the sales value of the property, with the lowercommission rates corresponding to higher sales values.

Below a level of, about, $5 million, sales are typically locally sourcedto local users or individuals or small institutions. Beyond $5 millionand, more acutely, past $10 million, the market becomes more regional asthe buyer base narrows. Above $25 million, the market becomesinstitutional in the sense that the potential buyers are REITs, pensionfunds, advisors, or corporations. At this level the market becomesnational and, to some extent, international. It is critically importantto limit the dissemination of information in this context.

In addition, every building that is not owner occupied must be leased.Brokers usually take one side of the transaction as either the listingbroker or the tenant rep. Listing brokers list the space for theproperty owner and attempt to drum up interest in the space with flyersand information packages. Brokers also typically specialize in a type ofproperty and in a region, so their added value is in knowing who is mostlikely to want a specific space for lease. Tenant representativesusually represent the tenant and are specifically looking for space forexpansion or to enter a new market. Tenant representatives consolidateall the listing information from the listing brokers in a market for aspecific type of space, conform the package, and help the user make aninformed decision. Many individual brokers do both.

The real estate industry is so large and fragmented that, historically,there has been no meaningful national research. Research that does existis typically local or regional in nature, frequently limited tooccupancy and rental rate information, and most of the time onlymarginally accurate. From market to market, different data was kept bythe administrative assistant for a couple of local brokers, who wouldthen hold that out as proprietary knowledge in that particular market.Ten years ago, this was out of date; by today's standards, it iscompletely useless. With the trend towards much more liquid real estatemarkets and the dominance of large regional and national tenants andcapital providers, the need for accurate national data has become acute.

At present, however, transaction costs are high, and information isnon-standardized as states, cities, and local communities all have theirown rules and regulations. To add to the milieu of confusion, investorsand owners frequently have different tax statuses, so comparisons arenever apples-to-apples. Brokers typically use this to theiradvantage—their pitch becomes “I am the only one that knows all thisstuff, and if you don't use me, what you don't know can hurt you.” Ahelpful way to think about this would be to imagine that each securitiesbrokerage firm maintained its own exchange, instead of them all feedingthe NYSE and NASDAQ. Clients would have little chance of getting thebest execution since there would be a closed market only. To someextent, real estate has operated this way historically, except that eachof the brokerage firms referred to these closed networks as “proprietaryinformation.”

Over the past 15 years, however, a new class of investors and users hasopened up the business. National institutional owners like the REITs andlarge ERISA managers like Jones Lang LaSalle have created a need forstandardized, reliable information and processes. This, in turn, has ledto a mass consolidation among the smaller local and regional brokers.This trend toward a national information standard is becoming morepowerful. The old model of the local power broker is being replaced by asingle-point-of-contact model for national real estate companies, inwhich client needs are met with just one relationship. The only way asmall brokerage firm can level the field is by having access to the sameinformation as the larger brokers.

It has been long demonstrated in other contexts, e.g., the securitiesindustry, that distributed information improves market efficiency. Inthe securities industry each broker has a system on their desk thatgives them access to standardized, accurate securities pricinginformation. Largely, information is collected by the exchanges andconsolidated into a standard system of quotes and news. The vendors ofthe information try to figure out the best way to graphically presentthe information and to price the data feed to maximize revenue. For themost part, the major quote and information providers are all providingthe same thing. The present invention relates to a way of applying thisapproach to real estate information. By centralizing and standardizingthe information, it has made it much more user friendly and, hence,valuable. It has created a digital exchange with itself as the sponsor.

To facilitate transactions, industry participants must have extensive,accurate, and current information. Members of the commercial real estateand related business community require daily access to current data suchas rental rates, vacancy rates, tenant movements, supply, newconstruction, absorption rates, and other important market developmentsto carry out their businesses effectively. Such data collection istime-consuming, as shown by a 1996 study, which found that commercialreal estate professionals spent 40% of their workday collecting andanalyzing information on the real estate market. Therefore, there is aneed for a unified commercial real estate data model to develop anefficient marketplace, where members of the commercial real estate andrelated business community can exchange information, evaluateopportunities using national standardized data, and interact with eachother on a continuous basis.

The parties involved in the commercial real estate and related businesscommunity that require extensive information, include: sales and leasingbrokers; property owners; property management firms; design andconstruction firms; real estate developers; real estate investmenttrusts; investment banks; commercial banks; investors and assetmanagers; government agencies; mortgage-backed security issuers;appraisers; media; tenant vendors; building services vendors;communications providers; insurance companies and institutionaladvisors.

The commercial real estate related business community has yet to developan efficient marketplace because of the fragmented approach to gatheringand exchanging information within the marketplace, i.e., the lack of aunified data model. Various organizations, including hundreds ofbrokerage firms, directory publishers, and local research companies,have attempted to collect data on specific territories and to developsoftware to analyze the information they have independently gathered.This fragmented approach resulted in duplication of effort in thecollection and analysis of information, excessive internal cost,non-standardized data with varying degrees of accuracy andcomprehensiveness, and a large information gap.

The creation of an efficient digital marketplace for commercial realestate requires a unified data model an infrastructure of a national,standardized database, accurate and comprehensive research capabilities,and intensive, real-time participant interaction. The global informationnetwork or Internet can help maximize interaction among participants ina marketplace. The Internet has emerged as a mass communications andcommerce medium enabling millions of people worldwide to shareinformation, create communities among individuals with similarinterests, and conduct business electronically. International DataCorporation projects that the number of Internet users will grow from100 million in 1998 to 320 million in 2002. In addition to its emergenceas a mass communications medium, the Internet has features and functionsthat are unavailable in traditional media, which enable users to:communicate or access enormous amounts of information at low cost andwithout geographic limitation; access dynamic and interactive content ona real-time basis; and communicate and interact instantaneously with asingle individual or with entire groups of individuals.

Along with the impressive overall growth of the Internet,business-to-business usage is also growing rapidly, as businesses areincreasingly leveraging the Internet's ability to reach clientsglobally, deliver personalized content, and open new distributionchannels. Forrester Research projects business-to-business electroniccommerce to grow from $17 billion in 1998 to $327 billion in 2002.

It is in this context that there remains a need for a system and methodfor creating a unified commercial real estate data model throughcollection, distribution and use of information in connection withcommercial real estate and web-based information systems that facilitatethe buying and selling of commercial real estate. The collection,distribution, and use of information would preferably include theability to search all commercial real estate data, across multiplemarkets, geographic regions, brokerage listings, and data categories andtypes. The desired system and method would also preferably indicate thetimeliness and reliability of the information, and would present theinformation through intuitive, convenient user interfaces.

The present invention also relates to a method and system for listingand brokering a commercial real estate and its financial derivatives. Anunderlying principle of commodities, equities, or bond trading is thatthe asset sought to be traded have an intrinsic value which can bedetermined, usually by a market exchange, and that that value will shiftbased upon the vagaries of the market. The determination of market valuecan be aided by systems such as that described in U.S. Pat. No.4,713,761, System for Centralized Processing of Accounting and PaymentFunctions, issued Dec. 15, 1987 to Sharpe et al., and in U.S. Pat. No.5,222,018, also for a System for Centralized Processing of Accountingand Payment Functions, and issued Jun. 22, 1993 to Sharpe et al. Thesesystems merely provide a revenue or cost value, which can then be usedby analysts in determining a market value for the listed commodity. Theability to extract historical financial and market information, and toevaluate shifts due to events that pressure those markets, has beenaddressed by such art as U.S. Pat. No. 5,414,838 for A System forExtracting Historical Market Information with Condition and AttributedWindows, issued May 9, 1995 to Kolton et al. Again, the element of speedin reacting to the vagaries of the market provides the asset tradingmarkets with winners and losers on a day to day basis. Transaction timefor financial markets has been addressed by such art as U.S. Pat. No.5,420,405 for a Secure, Automated Transaction System that Supports anElectronic Currency Operating in Mixed Debit and Credit Modes, issued toNorman E. Chasek on May 30, 1995.

U.S. Pat. No. 5,724,524 to Hunt, et al. describes a Method and Systemfor Listing, Brokering, and Exchanging Carrier Capacity in whichlisting, brokering, and exchanging a commodity requires identifying aplurality of characteristics of the particular commodity, and thenentering those characteristics into the database of a data processingsystem utilizing a real-time clock. An exchange market for the commodityis established based upon a pre-selected set of its characteristics.After a market price for the commodity has been set, a class (orclasses) of financial derivatives is established together with afinancial exchange market for those derivatives. The characteristics ofthe derivatives comprise: a common descriptive link between variedcommodity types; a contract length that runs from the purchase date ofthe contract to the performance date for the commodity; and, a contractprice.

In the context of commercial real estate, there has heretofore beeninsufficient reliable information to create derivatives based on thecommercial real estate market. An aspect of the present invention is toprovide a system and method that support the creation of financialderivatives for commercial real estate. More specifically, an aspect ofthe present invention shifts the financial burden of long-term leasesthrough the financial markets by providing an opportunity to hedgeagainst the future. While the landlords would have to guarantee thatcapacity will be available at a time when it is required, the financialburden of the landlords will be minimized by making capital available upfront in exchange for capacity later. A further aspect of the presentinvention is to provide the financial markets with an ability to tradecommercial real estate space as a tangible commodity by providing themethod and means for doing so.

There is also a need in the prior art for real-time remote access togeographic-based data, such as commercial real estate data. In addition,there is a need for an intuitive and convenient tool for searching andaccessing the geographic-based data.

As mentioned above, today's commercial real estate market is dominatedby large regional and national tenants and capital providers, andnational institutional owners, such as REITs and ERISA managers. Tofacilitate transactions in this nationwide market, these participantsrequire extensive information on commercial real estate properties,including rental rates, vacancy rates, tenant movements, supply, newconstruction, absorption rates, and news of important marketdevelopments. Moreover, to support sound business decisions, theseparticipants demand that the real estate information be standardized,accurate, and current. Thus, there remains a challenge in efficientlyand accurately developing extensive nationwide commercial real estateinformation.

As used herein, “Commercial Real Estate” means any real property,including, without limitation, office, retail and industrial rentalspace, a building, and multiple buildings for use by a business entity,or one or more facilities or buildings that a business entity occupiesfor the purpose of conducting its operations on a routine and ongoingbasis.

“Market” means a geographic region, e.g., the Washington, D.C.metropolitan area, that includes all buildings or potential buildingsavailable for business occupancy, with boundaries that are consistentwith U.S. Census standards and that are generally accepted definitionsof metropolitan areas.

“Submarket” means a geographic area as a subset of a Market and thatincludes buildings or potential buildings available for businessoccupancy, with boundaries generally accepted by local real estateprofessionals.

“Grade” means the designated quality of real estate on a relative scaleof quality, based primarily upon a generally accepted classificationstructure, such as Class A, B or C properties. Real estate expertsfamiliar with the classification systems and with generally acceptedstandards can provide this “grade” designation.

“Rent” means the annual amount paid by a business entity for rights tooccupy real estate.

“Vacancy Rate” means the percentage of square feet that is offered forlease in a market, submarket, or building.

“Absorption” means the net reduction in vacant square feet over adefined period (typically, twelve-months) resulting from new tenants,new construction, and lease terminations.

“Comparable Real Estate” means real estate that is approximatelyequivalent in Rent, Grade, Use, and/or location to the business entity'sReal Estate.

“Area” means an indicator of economic attractiveness of the submarketwhere the real estate is located;

-   -   and it is based, for example, upon rents, vacancy, absorption        rate, and/or other measures of economic attractiveness of a        submarket.

“Risk” means an indicator of the financial, market and environmentalexposure of real estate and of the financial, market and environmentalrisks associated with the employees and the business entity's occupancyin the real estate.

“Owner” or “Owner's representative” means anyone acting on behalf of anowner, including for example the owner's broker, the owner's propertymanager, and the owner herself.

“Seller” or “Seller's representative” means anyone acting on behalf of aseller or potential seller, including for example the seller's broker,the seller's property manager, and the seller herself. The sellerrepresented by the seller or seller's representative includes potentialsellers and those actually selling.

“Buyer” or “Buyer's representative” means anyone acting on behalf of abuyer or potential buyer, including for example the buyer's broker andthe buyer himself. The buyer represented by the buyer or buyer'srepresentative includes potential buyers and those actually buying.

“Confidentiality agreement” means a legal, binding contract requiringparties to the agreement to treat certain information as private and notfor publication. For example, in the context of real estate, aconfidential agreement requires that a buyer keep a property listingconfidential in return for viewing the property listing. As used herein,“non-disclosure agreement” is synonymous with “confidentialityagreement.” Executing and submitting confidentiality and non-disclosureagreements can occur, for example, by clicking-through an “accept”button for an agreement posted online or by exchanging electronicdocuments having electronic signatures.

SUMMARY OF THE INVENTION

An aspect of the present invention provides a system and method forcreating a unified commercial real estate data model through collection,distribution and use of information in connection with commercial realestate and a web-based marketplace that facilitates the buying andselling of commercial properties.

Another aspect of the present invention provides a web-based informationdistribution system that supports the efficient and secure buying andselling of commercial properties.

The present invention provides a unified, robust, and unbiased Internetmarketplace for commercial real estate. The system has access todatabases containing independent and comparable data on commercial realestate, which are continuously assembled and updated by professionalresearchers. The system includes a database detailing office andindustrial space in the subject market that is comprehensive, accurate,and up-to-date. The system also includes a tenant information databaseof information about tenants that allows users to identify and targetthe most likely tenants to lease space and determine the underlyingdemand for commercial real estate in their market.

This broker-centric model of the present invention enables sellers toreach a larger and more qualified universe of buyers, and enables buyersto more quickly and effectively find and evaluate commercial propertiesfor sale by instantly referencing correlating web-based information. Thepresent invention features properties for sale, including correlatingcontent on comparable sales, for-lease space availability, commercialreal estate inventory and market statistics, tenant information, and animage library of building photographs, floor plans, aerials, and maps.It also includes background information on buyers, sellers, lenders,owners, principals, and service providers.

The system of the present invention allows real estate buyers to reviewpotential deals through a search engine that matches properties for salewith buyers' investment criteria. The system speeds up the commercialbuying process and does what electronic trading of securities throughNASDAQ did for the over-the-counter market by creating an open,efficient market for commercial real estate.

Currently, sellers of a property hire a broker to market the building.Usually that broker shows the building to a limited number ofprospective buyers, institutions, or private buyers with whom the brokerhas some personal connection. The system of the present invention siteallows sellers and their brokers to advertise a building for sale to amuch broader audience, but in a controlled manner: buyers have to provethey are serious and have the resources to buy the property before theycan see any in-depth details.

At the same time, buyers can input various criteria such as price, size,location, and desired vacancy rates and receive a list of availableproperties. When a seller shows a prospective buyer a package ofinformation about the property, the buyer can independently verifystatistics about the building like rent rolls, tenant base, andcomparable sales prices for similar buildings in the market by trawlingthrough the system's databases, which are compiled by researchers.

By acting as an independent collecting information through independentresearchers, the system short-circuits the buyer's analysis process onany given property. In this way, the system eliminates the need toexpend time, money, and effort only to find out that data provided bythe seller was misleading.

In an embodiment of the present invention, the service is free forsellers and their brokers, while buyers and their brokers pays asubscription on a sliding scale from $250 a month up to $20,000 a month,depending on the size of the buying entities.

The system provides an interactive marketplace that enables brokers toreach a larger and more qualified universe of buyers and sellers faster,thus helping them complete transactions more rapidly, efficiently andcost effectively—through the Internet. The system is capable ofproviding information on thousands of properties for sale, includingcorrelating content on comparable sales, for-lease space availability,commercial real estate inventory and market statistics, tenantinformation, and an image library of building photographs, floor plans,aerials, and maps. The system can also provide background information onbuyers, sellers, lenders, owners, principals, and service providers.

The present invention provides a digital marketplace in which themembers of the commercial real estate and related business community cancontinuously interact and facilitate transactions by efficientlyexchanging accurate and standardized information.

The system of the present invention also facilitates mortgage lending.In particular, since reliable information concerning all factors neededto evaluate a commercial loan application, e.g., the buildingcharacteristics and the information concerning prospective borrowers,are accessible to the system or maintained within the system, the systemfacilitates matching borrowers with lenders. Alternatively, the systemlists all available lenders, either generally or only those lenders thatare willing to lend money for a particular property. The borrower canclick on a particular lender and obtain information or submitinformation for loan pre-approval.

The system of the present invention provides enough information to allowlenders to actually underwrite a property. Based on the propertyinformation, the lender is able to commit to a particular loanregardless of who is buying the property, subject only to verificationof credit information. The system allows a lender to offer better termsto a strong borrower. Lenders recognize the value of such a system, but,as yet, have been unable to create suitable automated underwritersystems that pull in discrete, disparate data fields and create massiveautomated valuation underwriting. Lacking the unified data model,lenders heretofore have had to pull data from various systems making itextremely expensive to underwrite a property. As such, lenders, toreduce costs, have had to be very selective in choosing systems fromwhich to pull data.

There are three levels associated with underwriting properties and withestablishing an underwriting marketplace. The first level involvessimply providing quotes and information on loan programs and thenmatching that to people's requests. The second level involves ‘softquotes’—in which the system provides enough property information forlenders to provide a commitment of loan quotes on a non-request basis.This second level allows lenders to proactively market loans instead ofresponding back to requests for information.

The third level is refinancing. The system and method of the presentinvention make it possible for lenders to send pre-approved loans to theowner of any building, whether or not the owner is seeking to sell orrefinance. Most owners are not currently marketing their property forsale or refinancing. However, owners may still be receptive toprofitable offers. The unified data model of the system of the presentinvention allows lenders to go into the broad universe of all theproperties stored on the database of the present invention and create apre-approved credit line or a pre-approved loan for these differentproperties. Moreover, for certain properties, the unified data model ofthe system of the present invention has enough information to underwritethe loan. The system of the present invention has enough information toactually submit pre-approved offers and provide soft quotes. Incontrast, without the unified data model and system of the presentinvention, the expense of underwriting loans is so large that lenderscannot process loans for under a certain amount. The invention thereforeallows lenders to considerably increase their loan volume and bringsmuch liquidity to the marketplace. Everyone is able to find out the bestpossible loan that one could obtain on his property.

As a further aspect of the present invention, a lending product isprovided on the system that lists every lender that the system tracks.The present invention enables customers to click on a lender's name inthe list to request a free package of materials from that lender. Thesystem facilitates this communication between the customer and aprospective lender.

The system uses linked databases and computers to provide a wide arrayof digital service offerings including a leasing marketplace, a sellingmarketplace, decision support, tenant information, comparable salesinformation, property marketing, and industry news. All of theseservices are preferably digitally delivered and most clients receivedaily service updates over the Internet.

The system includes a comprehensive database of information that isrelevant to commercial real estate transactions, a research departmentfor updating the information, and links, through the Internet, forexample, to participating organizations and other users. A databaseaccording to one embodiment has been constructed over more than a decadeby a research department that now makes over 1.8 million updates eachyear to the database. The system has obtained and assimilated over 50proprietary databases. The database now covers 54 commercial real estatemarkets in the United States. It tracks over 15 billion square feet inover 350,000 properties, including more than $40 billion in propertiesfor sale, and over 900,000 tenants. It is estimated that 36,000participating companies use the marketplace of the present invention todistribute information on their properties. Of these participatingcompanies, approximately 3,600 are clients, representing 25,000end-users, who subscribe to the services to facilitate transactions,market services and properties, and conduct market research.

The system of the present invention provides a digital commercial realestate marketplace that takes advantage of network effects. The digitalmarketplace can be used by and deliver value to several distinctcategories of users. To begin with, a large percentage of the commercialreal estate industry participating companies use the marketplace todistribute information on their properties. Some portion of theseparticipating companies, are subscribers that pay for enhanced access oradditional information or related services to facilitate transactions,market services and properties, and conduct market research. Asignificant aspect of the present invention is that the users, includingclients and other members of the commercial real estate and relatedbusiness community, assist the system operator by continuously updatingthe marketplace data. Each day thousands of updates to the marketplacedatabase are made. The resulting information is distributed via theInternet, creating a more dynamic and efficient market for transactionsinvolving the commercial real estate and related business community.

The system of the present invention capitalizes on the informationaccumulated in the digital marketplace to create a high value-added,full-service solution for users. The system of the present inventionprovides the following services:

-   -   Digital leasing marketplace—provides the information required to        efficiently conduct commercial real estate leasing transactions,        both between brokers and between owners and brokers. This        service provides a more comprehensive solution with much higher        data quality, at substantially less time and cost.    -   Digital selling marketplace—provides the information required to        efficiently and securely conduct commercial real estate buy and        sell transactions. This service benefits users by allowing        purchasers to make more-informed investments and sellers to        maximize realized property values.    -   On-line decision support services—allow members of the community        to perform an analysis of underlying market conditions and        trends when making investment, leasing, purchase, sale, build,        and marketing decisions involving commercial real estate. These        services benefit users by providing more powerful, flexible,        time-efficient, and accurate analytic capabilities.    -   Comparable Sales Information—enables members of the real estate        community to evaluate property value by analyzing comparable        sales information including information on sale prices, income        and expenses, capitalization rates, loan data, and other key        details. This service provides a database searchable by such        parameters as location, property type, square footage, price        range, and number of units.    -   Tenant information services—enable members of the commercial        real estate and related business community to identify and        market to the tenants who are the most likely prospects for        their goods and services. These services benefit users by more        precisely identifying and capturing viable prospects at a lower        cost.    -   On-line property marketing—provides a unique on-line means for        the commercial real estate and related business community to        direct advertising to the appropriate decision-makers. This        service benefits users by providing them increased distribution,        higher visibility, and a more cost-effective way to reach their        targeted audience.    -   On-line industry news—allows members of the commercial real        estate and related business community to remain current with        developments in the industry. These services benefit users by        providing more timely and in-depth news.

All of the foregoing services can be digitally delivered via theInternet or through other forms of downloads. The increased availabilityof services from a web-based platform will allow the commercial realestate and related business community real-time access to the digitalmarketplace data and provide the opportunity for increased interactionamong community members. The practical result of this increasedinteraction is the development of a more efficient commercial realestate marketplace.

The system of the present invention uses the latest technology tocontinuously improve data collection, enhance sales efforts and servicecapabilities, and control costs as the marketplace framework and unifieddata model is built. The system preferably uses a mobileinformation-collecting device that is equipped with a GPS system and alink to the databases of the system of the present invention. The devicefurther includes a display screen and input device, and can also includea web camera. As detailed below, the system is able to providelocation-sensitive real estate information automatically, and to performother useful tasks by correlating a vehicle's instantaneous position todata stored in a remote database to identify geographically pertinentinformation and transmitting the geographically pertinent information tothe truck for display on the display panel within the truck. Optionally,the mobile information-collecting device also includes audiocapabilities and the geographically pertinent information includes audiodata, such that the device, for example, plays a voice describing thegeographically pertinent information to the occupant of the mobileinformation-collecting device.

In addition, the system uses global satellite positioning and theInternet to coordinate remote field research vehicles equipped with GPStransponders, laptop computers, cellular communications, and lasermeasurement devices, to provide the most precise and timely inventory ofavailable buildings.

The system also integrates a wide client and property informationmanagement system with a telecommunications system and database to allowthe sales force, research staff, client-service staff, and accountingdepartment to develop a coordinated sales, research, and accountmanagement effort. This enterprise-wide system also assists managementin improving quality control and training.

The system also includes equipment to collect architectural photographsdigitally so that the system can move the images into a databasesubstantially faster and at lower cost.

Thus, the present invention provides the first national and standardizedsource for commercial real estate metrics that is comparable betweengeographic territories. For example, the definitions of vacancy ratesand building classifications have varied among the different providersof real estate information. Through national presence and uniformity ofservices and data across all markets, the system provides a foundationfor members of the commercial real estate and related business communityto do business on a national basis. Leading firms within the communityconduct business efficiently in multiple local markets by standardizingtheir internal systems on the proprietary database of the presentinvention.

The system of the present invention provides a unified data model thatallows insight into relationships that were only inferred in the past.

The system of the present invention includes a variety of features thatare useful for those within the commercial real estate field andelsewhere.

For example, the system provides fraud detection—by alertingbrokers/owners that their property is being marketed—any person(subscriber or not) can see “my listings,” which includes identificationof properties that they own/represent that are shown as being on themarket.

The system of the present invention also provides intelligentsearching—the query system allows the user to add/remove terms from thesearch without rerunning the entire search. This allows users to refinesearches. The ADD/DELETE feature lets the user narrow the user'sexisting search results by adding search terms to the user's originalsearch request. The search software retains the user's original searchrequest and corresponding search results.

To perform an ADD/DELETE Request, the user follows the following steps:

-   -   1. Once the user has completed a search request that returns        search results, the user selects ADD/DELETE from the Search menu        or clicks the ADD/DELETE button in the software's toolbar.    -   2. The user then enters a complete ADD/DELETE request. If the        user is using the Graphical Interface, the user enters the        ADD/DELETE request in the ADD/DELETE Search Request field.

The software returns focused search results through which the user canbrowse as the user normally would.

The user may want to narrow the scope of the user's search if the searchresults contain too many documents. Or, after reviewing the user'ssearch results, the user may want expand the scope of the user's search.The user can make these adjustments by modifying the user's originalsearch request to include additional connectors and/or search terms—allwithout losing the user's original search results. Narrowing the scopeof search results is described herein as running a query on a query orrunning a negative search query.

The present invention also provides a database of nationwide commercialreal estate information, in which each data entry is assigned a marketand an information category. Accordingly, the present invention allowsthe user to execute searches based on market criteria (e.g., geographicregion) and information type (e.g., a particular category of real estatedata, such as a for-sale property, a for-lease property, a comparablesale listing, or a tenant listing). In addition, in a furtherembodiment, the present invention provides each user with a subscriptionstatus that dictates in which markets and information categories theuser can search. For example, a user who subscribes to tenantinformation in the Mid-Atlantic region could conduct an unlimited amountof searches for tenants within that region for no additional cost abovethe periodic (e.g., monthly) subscription cost.

In some circumstances, however, a user may wish to obtain informationbeyond the information category to which the user subscribes. Forinstance, a user who subscribes to for-sale property information maywant to learn more about the tenants of a particular building that theuser is considering purchasing. Thus, this embodiment of the presentinvention enables a user to purchase one-time searches outside of theuser's subscription status. In this way, a user who subscribes tosearches in one market or information category can conduct one-timesearches in other markets or information categories.

In accordance with another aspect of the present invention, informationregarding tenants is gathered and stored in a central database, and isassociated with building information. This makes it possible, forexample, to graphically depict the occupancy of a particular building.

Another aspect of the present invention provides a tenant informationdatabase that contains tenant information from a plurality of markets(e.g., regions of the United States) across which a user can search. Auser can cross-query the multi-market database to look for particulartenant information, such as the properties leased by a specific tenant,all of the tenants that occupy a particular building, or all of thetenants that meet a certain criteria (e.g., occupy 500,000 square feetor more).

Another aspect of the present invention provides a comparable salesdatabase that contains information on comparable sales properties, andthat associates each entry with a “quality” identification thatindicates its degree of reliability and/or timeliness. The qualityidentification enables a user to better analyze and use the comparablesales information. As an example, the quality identification couldinclude one of three categories: 1) verified comparable sales, 2)unverified comparable sales; and 3) for-sale properties. In this manner,the system of the present invention allows users to search all relevantcomparable sales information, while at the same time calling to theuser's attention the quality of the search results.

The system of the present invention also provides a unique method forsearching for property within a geographical area using a map linked toa database that stores geographically pertinent information. As anexample, the map includes icons showing the locations of properties forwhich the database has information. As a user drags a mouse pointer overan icon, a window pops-up displaying the geographically pertinentinformation from the database. For example, the information in thewindow could include a photograph of the property along with its salesprice.

The system of the present invention also provides confidentialityassurance through a system for controlled dissemination of information.

The system of the present invention provides and facilitates “softquotes,” pursuant to which lenders offer loans on specific buildingssubject only to qualification of buyer and possible discount for premiumbuyers.

The system of the present invention also provides and facilitatesunsolicited refinancing offers for owners of buildings. In this way, thesystem allows building owners to take advantage of opportunities createdby changes in rates and increased information available.

The system of the present invention also provides and facilitatescreation of a derivatives market/futures market for commercial realestate.

The system of the present invention also provides a mobile datagathering and dissemination vehicle as well as a system tracking anddispatch of mobile vehicles. The system of the present invention furtherprovides correlation of data stored in a remote location to vehicleposition in real time. This feature is useful in the context ofcommercial real estate, residential real estate and as part of amerchant directory.

The system of the present invention also provides a least cost routingfor data transfer system for transmitting data from the mobile vehicle.

The system of the present invention also synchronizes data stored indata sources by cross-checking data sources and prompting the inputagent to make necessary changes in affected databases.

The system of the present invention also provides an investment advisorfeature that provides relevant information such as: what is the leasinghistory of specific building? what is the history of market in thatarea? what is the history of the building relative to market (is thebuilding generally one of the first to fill up)?

The system of the present invention also provides an intelligentassistant for assisting in setting prices based on the saved searches ofusers, i.e., knowing what other users (buyers) are looking (searching)for. The system could, for example, advise the user that “if you set theprice at X level you will hit Y pending searches, but if you set theprice at X′ level you will only hit (Y-n) pending searches.” The systemthus allows queries against pending searches so that the user knows whatpeople are looking for.

The system of the present invention also provides quick alerts whensaved searches are satisfied to support user investment strategies. Inparticular, the system notifies the user by wireless messaging and/ore-mail as soon as a property matches existing search criteria. Inaccordance with a particularly important aspect of the presentinvention, this feature applies to searches that are satisfied as aresult of changes in market conditions that bring a previously listedproperty within the investment criteria.

The system of the present invention in general employs the unified datamodel to enhance knowledge of the overall context of business decisions,for example, buying versus leasing.

The system of the present invention makes it possible for a user toextract data relating to virtually every aspect of a commercial realestate transaction. Although the data is described as being containedwithin a “database,” data can be stored in a plurality of linkedphysical locations or data sources. The significant aspect is that thedatabase contains information relating to areas that have previouslybeen only accessible in isolation from one another. By providing aunified data model and a system for forming a variety of queries againstthe unified database, it is possible to understand with precision therelationship between market factors that have heretofore only beenunderstood in an anecdotal way.

For example, prior to the present invention, a commercial real estateinvestor might have recognized the value of investing in a particularbuilding that had low vacancy but was located in an area of extremelyhigh vacancy. If so, this investor might also be interested in knowingthat a building that is on the market has lost a big tenant.

Prior to the system of the present invention, however, there has been nounified way of storing an investor's investment criteria and continuallymonitoring the market so as to have the ability to provide a real-timealert when a property matching the investor's investment criteria hasbecome available. This advantage is achieved because databasescontaining leasing information are linked with databases concerningbuildings for sale, which are linked to databases that store aparticular investor's investment criteria, which are linked to databasesthat store the data necessary to determine market conditions, and so on.It is through the connections of previously discrete databases that thesynergies and advantages of the present invention arise.

In this sense, the present invention resides in the interconnection ofrelated pieces of information that allows a true understanding and deepappreciation of a commercial real estate market. The user of the systemof the present invention has the ability to understand data in context,because the data in one data source is influenced by other data sourcesthat have heretofore not been connected.

The data stored in the databases of the present invention is fromvarious sources. For example, property information can be obtained byresearching information sold and information available. Tenantinformation can be obtained through personal inspection of propertiesand from brokers. Market analytics are obtained through an historicalanalysis. In addition, tax assessment information provides yet anothersource of information.

To gather this data, an aspect of the present invention provides acoordinated method and system for collecting data for a commercial realestate database having distinct but related categories of information.According to this embodiment, the system enters information concerningone category of information into the database, and then determines therelevance of that entered information to other categories ofinformation. If the entered information is deemed relevant to a secondcategory of information, then the system notifies a researcherresponsible for collecting data for the second category of information.The system then provides the researcher with the entered information.

The coordinated research of this embodiment demonstrates the value ofhaving a fully integrated database, which, in this instance, relates tocommercial real estate. Another advantage afforded by a comprehensiveintegrated commercial real estate database is the ability to linkcomparable sales records to current lists of tenants in particularbuildings.

Another way of gathering information is through mobileinformation-collecting device, according to another aspect of thepresent invention. The mobile information-collecting device is a truckor other vehicle that is equipped with a GPS system and a link to thedatabases of the system of the present invention. The device furtherincludes a display screen and input device, and can also include a webcamera. The system is designed such that the location of the truck orother mobile information gathering device at any particular instance iscorrelated to the database so that information concerning properties inthe vicinity of the truck is automatically displayed on the displayscreen located in the truck. Thus, as a truck passes a particularcommercial real estate building, information pertaining to that buildingis displayed, and the operator can determine whether additionalinformation has to be gathered or whether information obtained in thedatabase should be modified. The important feature is that the systemautomatically retrieves and displays the entirety of the currentlyavailable information so that the operator can determine if pieces ofinformation are missing or need to be updated.

The mobile information gathering system of the present invention hasother applications as well. For example, a similar device can be used inconnection with residential real estate listings to display pertinentinformation and directions to the nearest available home for sale. Thepertinent information could include, for example, photographs thatpop-up on the display as the mobile information-collecting devicetravels. Likewise, the system could be used to display informationconcerning merchants, service providers, or tourist attractions within aparticular area in a non-commercial setting. For example, the GPS in apassenger car could be linked to a database that contains informationabout local merchants, such as restaurants. As the driver approachesthese restaurants, the system could display advertisements or otherinformation pertaining to the restaurants.

Thus, in accordance with the present invention, the system provideslocation-sensitive real estate information automatically and performsother useful tasks by correlating a vehicle's instantaneous position todata stored in a remote database to identify geographically pertinentinformation and by transmitting the geographically pertinent informationto the vehicle's occupant, by for example displaying the information onthe display panel within the truck or producing an audio message of theinformation for the occupant to hear.

A further aspect of the present invention provides systems and methodsfor associating an aerial image with map features and informationconcerning objects appearing in the image. The aerial image, mapfeatures, and information are associated on, for example, a computergraphical user interface. The present invention can also track, on theaerial image, the location of an object moving within the image and/orthe progress of updates to the information associated with the objectsappearing in the image.

An implementation of the present invention provides systems and methodsfor conducting field research on real estate properties. The presentinvention can operate in conjunction with mobile data gathering systemsand mobile information-collection devices, and can updategeographic-based real estate databases. Examples of mobile datagathering systems, mobile information-collection systems, and realestate databases are described herein.

In facilitating the research of real estate information, the presentinvention provides graphical interfaces for both a field researcher andalso a dispatcher tracking the progress of the field researcher. Theresearcher interface displays information remotely accessed from acentral real estate database such as that described in the attachedpatent application. In addition, the researcher interface indicates thelocation of the field researcher and whether the properties in the areaof the researcher have been researched or require further investigation.

The dispatcher interface displays information accessed from the centralreal estate database and indicates the properties in the vicinity of thefield researcher that have been researched and those that requirefurther investigation. Optionally, the dispatcher interface alsoindicates the geographic position of the field researcher.

According to an aspect of the present invention, the researcherinterface and the dispatcher interface comprise aerial images overlaidwith map data and property icons representing information from thecentral real estate database as well as the update status of theinformation. Optionally, the interfaces include an icon representing thelocation of the field researcher.

The invention also provides a method and system for listing andbrokering a commercial real estate and its financial derivatives. Inparticular, the system of the present invention can be used inconnection with the creation of financial derivatives for commercialreal estate. To create these derivatives, one must have a source ofcomprehensive information. The system of the present invention supportsderivatives for commercial real estate by providing sufficientlyaccurate market information that supports the creation of indexes andderivatives such as futures or hedge rental rates and occupancy rates.The system can also be used for underwriting and rating commercialmortgage banking securities.

For example, a big office tenant that must find 60,000 square feet facesentering a 5-year or 7-year deal or longer-term deal without knowingwhere the market will be in 7 years. If the tenant is $10 per squarefoot above market rate on 60,000 square feet—that is a great deal ofmoney. Because the system of the present invention contains vastinformation concerning historical and current vacancy, projectedabsorption and demand, projected rental rates, and supply and demandfigures, the system of the present invention can be used to createindexes with which commercial office tenants can hedge their occupancycosts. The tenants can basically buy futures, for example, “class A,Washington, suburban, close in office futures.” This aspect enables WallStreet and the financial community to manage the building space bywatching supply and demand. By watching these futures, investors canmonitor and adjust building construction, making the market much moreperfectly balanced. Thus, the system of the present invention cultivatesthe massive liquidity inherent in these markets.

Since the system includes data concerning a plurality of characteristicsof the subject commodity, i.e., commercial real estate, in the databaseof a data processing system utilizing a real-time clock, an exchangemarket for the commodity, e.g., a particular type of commercial realestate “Class A space in downtown Bethesda, Md.,” is established basedupon a pre-selected set of the commodity's characteristics; and, after amarket price for the commodity has been set, a class (or classes) offinancial derivatives is established together with a financial exchangemarket for those derivatives. The characteristics of the derivativescomprise: a common descriptive link between varied commodity types; acontract length that runs from the purchase date of the contract to theperformance date for the commodity; and, a contract price.

The system of the subject invention comprises a number of elements thatinclude: data processing means; means for determining whether a matchexists based upon a comparison of the commodity offered for sale andthat requested for purchase or exchange; display means; means forselecting the matched entry for purchase and/or exchange; and, means fordetermining and selecting a class of financial derivatives. The dataprocessing means of the system, in turn, further comprises a systemcontroller which is further comprised of: a data processing system; dataentry means; memory means; and, communication means for communicatingdata between the system controller and a plurality of input and outputpoints.

To achieve the advantages described herein as well as other advantages,and in accordance with the purpose of the present invention, as embodiedand broadly described, an embodiment of the present invention is amethod for allowing information providers to both distribute specifiedinformation through the Internet and control dissemination ofinformation. This method operates within a system that includes a systemoperator, a plurality of information providers and a plurality ofinformation customers. This method includes the following steps: 1)making the information provider's specified information availablethrough a secured website on the Internet; 2) obtaining from theinformation provider a designation of a first subset of the informationcustomers that are authorized to receive access to the specifiedinformation on the website; and 3) distributing to each one of the firstsubset of the information customers that are authorized to receiveaccess to the specified information an ID that can be used to access thespecified information.

In an aspect of this method, the system within which the method operatesis used to facilitate exchange of information pertaining to commercialreal estate available for sale. In addition, the information providersare owners or owner representatives that provide information concerningthe availability of their respective properties for sale. Finally, theinformation customers are potential buyers or representatives ofpotential buyers.

In another aspect of this method for allowing the information providersto both distribute specified information through the Internet andcontrol dissemination of information, the method further comprisesrequiring the execution of a non-disclosure agreement by each one of thefirst subset of the information customers that are authorized, beforeeach one of the first subset of the information customers that areauthorized can access the specified information. The execution of thenon-disclosure agreement can be accomplished by clicking through anagreement posted on the Internet.

Another embodiment of the present invention is a method for allowinginformation providers to both distribute specified information throughthe Internet and control dissemination of information. According to thisembodiment, the method includes the following steps: 1) making theinformation provider's specified information available through a securedwebsite on the Internet; 2) obtaining from the information provider adesignation of a first subset of the information customers that areauthorized to receive access to the specified information on thewebsite; 3) distributing to each one of the first subset of theinformation customers that are authorized to receive access to thespecified information an ID that can be used to access the specifiedinformation; 4) allowing a second subset of potential customers to querya searchable database containing a plurality of descriptions ofinformation; 5) indicating to the second subset of potential customersthat the specified information exists without revealing the specifiedinformation; 6) if one or more of the second subset of potentialcustomers are interested in obtaining access to the specifiedinformation, allowing an interested potential customer to communicate arequest for access directed to the system operator; 7) the systemoperator forwarding the request for access and information concerningthe interested potential customer requesting access to the informationprovider in response to a request for access; and 8) allowing theinformation provider to make a decision to grant or deny the request foraccess and to communicate the decision to the system operator. Inresponse to a deny access decision, the interested potential customer isnotified of the deny decision without learning the specifiedinformation. In response to a grant access decision, the system operatorgrants the interested potential customer access to the specifiedinformation.

In an aspect of this embodiment of the present invention, the methodfurther includes requiring the interested potential customer to executea non-disclosure agreement prior to allowing the interested potentialcustomer access to the specified information. For example, theinterested potential customer executes the non-disclosure agreement byclicking through an agreement posted on the Internet.

In another aspect of this embodiment of the present invention, a profileof a member of the second subset of potential customers is obtained bythe system operator and transmitted to the information provider inresponse to a request for access. As an additional aspect, before aprofile of a member of the second subset of potential customers istransmitted to the information provider in response to a request foraccess, the system operator can authenticate the profile.

In another aspect of this embodiment of the present invention, thesystem operator, in response to a request for access, obtains a profileof the interested potential customer, authenticates the profile, andtransmits the profile to the information provider in conjunction withthe request for access.

In another aspect of this method, the system operator forwards therequest for access to the information provider in response to a requestfor access, and requests a response from the information provider inreal time through the Internet or through wireless data transmission.Optionally, with the request for access, the system operator can alsoforward a profile of the interested potential customer.

In another aspect of this embodiment of the present invention, thesystem is used to facilitate exchange of information pertaining tocommercial real estate available for sale. The information providers areowners or owner representatives that provide information concerning theavailability of their respective properties for sale. Finally, theinformation customers are potential buyers or representatives ofpotential buyers.

Another embodiment of the present invention is a method for allowinginformation providers to both distribute specified information throughthe Internet and control dissemination of information. This methodoperates within a system that includes a system operator, a plurality ofinformation providers, and a plurality of information customers. Themethod begins by making the information provider's specified informationavailable through a secured website on the Internet and allowingpotential customers to query a searchable database containing aplurality of descriptions of information. The method continues byindicating to the potential customers that the specified informationexists without revealing the specified information. Then, if one or moreof the potential customers are interested in obtaining access to thespecified information, the method proceeds by allowing an interestedpotential customer to communicate a request for access directed to thesystem operator. The method continues by having the system operatorforward the request for access and information concerning the interestedpotential customer requesting access to the information provider inresponse to a request for access. The method continues by allowing theinformation provider to make a decision to grant or deny the request foraccess and to communicate the decision to the system operator. Inresponse to a deny access decision, the interested potential customer isnotified of the deny decision without learning the specifiedinformation. In response to a grant access decision, the system operatorgrants the interested potential customer access to the specifiedinformation.

In an aspect of this embodiment of the present invention, theinformation concerning the interested potential customer requestingaccess is a profile of the interested potential customer. Optionally,the system operator can authenticate the profile of the interestedpotential customer before forwarding the profile to the informationprovider.

In another aspect of this embodiment of the present invention, thesystem operator forwards the request for access to the informationprovider in response to a request for access, and requests a responsefrom the information provider in real time through the Internet orthrough wireless data transmission.

In another aspect of this embodiment of the present invention, if therequest for access is granted, the method involves the additional stepof requiring execution of a non-disclosure agreement by the interestedpotential customer before the system operator grants the interestedpotential customer access to the specified information. The execution ofthis non-disclosure agreement can be accomplished by clicking through anagreement posted on the Internet.

In another aspect of this embodiment of the present invention, thesystem within which the method operates is used to facilitate exchangeof information pertaining to commercial real estate available for sale.In addition, the information providers are owners or ownerrepresentatives that provide information concerning the availability oftheir respective properties for sale, and the information customers arepotential buyers or representatives of potential buyers.

In another aspect of this embodiment of the present invention, thesystem within which the method operates is used to facilitate exchangeof information pertaining to residential real estate available for sale.In addition, the information providers are owners or ownerrepresentatives that provide information concerning the availability oftheir respective properties for sale, and the information customers arepotential buyers or representatives of potential buyers.

Another embodiment of the present invention is a system for correlatinginformation stored in a remote database with a user's location,retrieving pertinent data files from the database based upon the user'slocation, and automatically transmitting the selected data files to theuser. The system includes user equipment sets, a computer, and adatabase in communication with the computer. Each user equipment setincludes a display and a location determining device for generating datapertaining to the user's location and for transmitting the datapertaining to the user's location to a remote computer automatically.The computer is equipped for wireless communication with geographicallyremote users that are equipped with the equipment sets so as to senddata to the equipment sets and receive data from the equipment setsincluding the data pertaining to the user's location. The databasestores information that includes information identifying a location of aproperty. Within this system, in response to receipt of the datapertaining to a user's location, the computer automatically retrievesinformation pertaining to the user's location and transmits the same tothe user's equipment set for display on the display.

In an aspect of this embodiment of the present invention, each use requipment set further comprises a data input device for allowing theuser to input data. The information is displayed on the display in a waythat prompts the user to input missing information using the data inputdevice.

In another aspect of this embodiment of the present invention, thedisplay is a color display adapted for displaying photographic images.

In another aspect of this embodiment of the present invention, inresponse to receipt of the data pertaining to the user's location, thecomputer automatically retrieves information describing commercial orresidential real estate near the user's location and transmits the sameto the user's equipment set for display on the display.

In another aspect of this embodiment of the present invention, inresponse to receipt of data pertaining to a user's location, thecomputer automatically retrieves information regarding at least one ofcommercial enterprises and landmarks near the user's location andtransmits the same to the user's equipment.

In another aspect of this embodiment of the present invention, theuser's equipment set includes audio capabilities, and the informationpertaining to the user's location includes audio data.

In another aspect of this embodiment of the present invention, thecomputer transmits the information pertaining to the user's location tothe user's equipment set for color display on the display.

In another aspect of this embodiment of the present invention, theinformation pertaining to the user's location includes information oncommercial enterprises located near the user's location. The informationon commercial enterprises includes information on at least one of theproducts, goods, and services provided by the commercial enterprises. Inaddition, in response to receipt of the data pertaining to a user'slocation, the computer automatically retrieves the information on atleast one of products, goods, and services provided by commercialenterprises near the user's location and transmits the same to theuser's equipment set.

In another aspect of this embodiment of the present invention, thecomputer automatically retrieves information describing real estate nearthe user's location and the display shows a pop-up window including theinformation describing the real estate.

In another aspect of this embodiment of the present invention, theinformation stored in the database includes at least one of thefollowing: square footage available for lease; whether a property isavailable for sale; property address; contact information; and price.With this information in the database, in response to receipt of thedata pertaining to the user's location, the computer automaticallyretrieves information describing the commercial or residential realestate near the user's location and transmits the same to the user'sequipment set for display on the display.

Optionally, the information stored in the database also includes atleast one of the following: a digital image of the commercial realestate; square footage data representing a square footage of thecommercial real estate; data characterizing the selected use of thecommercial real estate; rental price of the commercial real estate; saleprice of the commercial real estate; data about the tenant in thecommercial real estate; a real estate submarket identification; salescomparable information; lender information; a grade indicator of thecommercial real estate, the grade indicator having an alpha numericalrepresentation and being a function of a classification system of thecommercial real estate that is consistent with accepted standards andproviding a representation of the quality of the real estate; aclassification of the commercial real estate based upon at least one ofthe following: a building grade, an age of the building, and anextrapolation of comparable buildings; and information pertaining to thesubmarket including at least one of (i) rents, (ii) vacancy, and (iii)absorption rates for each of the submarket and nearby submarkets, and(iv) other indicators of submarket and location attractiveness.

Another embodiment of the present invention is a commercial real estateinformation exchange and market. The exchange and market includes adatabase for storing information about commercial real estate, andcomputers and communication equipment for allowing a plurality of usersto query the database, add data to the database, and retrieve theinformation from the database. The database contains data records,including information pertaining to lease information, sale information,comparable sales information, and tenant information.

In an aspect of this embodiment of the present invention, the databasefurther includes at least one of: data about a tenant in the commercialreal estate; building-specific information including data representingan age of the commercial real estate, and data representing financialobligations and tenancy status of the tenant in the commercial realestate; square footage data representing a square footage of thecommercial real estate; data characterizing a selected use of thecommercial real estate; cost data including a rental price of thecommercial real estate; a real estate submarket identification; aclassification of the commercial real estate based upon at least one ofa building grade, an age of the building, and an extrapolation ofcomparable buildings; and information pertaining to a submarketincluding rent data, vacancy data, and absorption rate data.

In another aspect of this embodiment of the present invention, the datarecords include market analytic information.

Another embodiment of the present invention is a method for storing andautomatically displaying descriptions and visual images of commercial orresidential real estate on a display of a user. The method involvesgenerating a plurality of digitized video images of real estate, storingdata records concerning the real estate; determining a location of theuser; retrieving data records corresponding to the user's location; anddisplaying on the display the data records corresponding to the user'slocation. According to the method, each digitized video image depicts areal estate. In addition, the data records include the digitized videoimages, textual information concerning the real estate, and informationidentifying the location of the real estate.

Another embodiment of the present invention is a method for listing andbrokering commercial real estate. The method includes the followingsteps: 1) identifying a characteristics of the commercial real estateand entering the characteristics into a data processing system toestablish a first exchange market for the commercial real estate basedupon the characteristics; 2) identifying a market value for thecommercial real estate and listing the market value on the firstexchange market; 3) determining a class of derivatives based upon apre-selected subset of the characteristics; and 4) establishing a secondexchange market in respect of the derivatives.

In an aspect of this embodiment of the present invention, the firstexchange market and the second exchange market are co-located within thedata processing system.

In another aspect of this embodiment of the present invention, thecharacteristics include a geographic location, a start date and a finishdate, a size, a class of building, and a cost.

Another embodiment of the present invention is a method for establishinga unified group of correlated databases that provides real estate datato facilitate a real estate transaction. According to this method, eachdatabase of the unified group is a discrete data module. The methodincludes the following steps: (a) associating real estate data entriesof a first database of the unified group with corresponding real estatedata entries of the remaining databases of the unified group; (b)collecting the real estate data from real estate industry data sources;(c) recording the real estate data in the first database of the unifiedgroup; (d) determining an effect of the recorded real estate data on theremaining databases of the unified group; (e) reconciling remaining realestate data in the remaining databases based on the effect; and (f)distributing the recorded real estate data and the reconciled realestate data to real estate industry professionals and to real estateindustry customers.

In an aspect of this embodiment of the present invention, the realestate data includes property information and tenant information, andthe unified group of correlated databases includes a propertyinformation database and a tenant information database. Optionally, thereal estate data further includes comparable property information,assessment information, and market analytics information, and theunified group of correlated databases further includes a comparableproperty information database, an assessment information database, and amarket analytics information database.

In another aspect of this embodiment of the present invention, the realestate industry data sources include at least one of property managers,proprietary databases, Internet sources, site inspections, buildingowners, brokerage firms, real estate investment trust filings, tenantcanvassing, public records, and comparable property databases. Inaddition, the step of collecting the real estate data involves thefollowing steps: (i) communicating with at least one of the propertymanagers, the building owners, and the brokerage firms by mail,electronic mail, telephone, or facsimile, if the real estate industrydata sources include at least one of the property managers, the buildingowners, and the brokerage firms; (ii) searching and extracting data fromat least one of the proprietary databases, the Internet sources, and thereal estate investment trust filings, if the real estate industry datasources include at least one of the proprietary databases, the Internetsources, and the real estate investment trust filings; (iii) recordingobserved data from at least one of the site inspections and the tenantcanvassing, if the real estate industry data sources include at leastone of the site inspections and the tenant canvassing; and (iv)extracting data from at least one of the public records and thecomparable property databases, if the real estate industry data sourcesinclude at least one of the public records and the comparable propertydatabases.

In another aspect of this embodiment of the present invention,collecting real estate data involves receiving web-based input from thereal estate industry professionals and the real estate industrycustomers. Collecting real estate data also involves receivingcommunications from the real estate industry professionals and the realestate industry customers through mail, electronic mail, telephone, orfacsimile. Optionally, collecting the real estate data can furtherinvolve gathering information with a mobile data acquisition vehicle.

In another aspect of this embodiment of the present invention,reconciling the remaining real estate data involves confirming that thereal estate data entries and the corresponding associated real estatedata entries are internally consistent.

In another aspect of this embodiment of the present invention,distributing the real estate data involves providing a web-basedinterface in communication with the unified group of correlateddatabases. Optionally, this distributing further involves providingcommunication between parties to a transaction, and providingtransactional services in support of a transaction. Also optionally, themethod further involves providing a derivatives marketplace in which todefine, value, and exchange real estate commodities. These commoditiescould be real estate cost futures.

In another aspect of this embodiment of the present invention,distributing real estate data involves accepting a property search queryfrom a user, and running the property search query in the unified groupof correlated databases and returning property search results to theuser.

Optionally, this distributing could involve adding properties to theproperty search results as directed by the user without running anothersearch query, removing properties from the property search results asdirected by the user without running another search query, and runningnegative search queries in the property search results as directed bythe user to remove properties from the property search results.

Also, optionally, this distributing could involve accepting a secondproperty search query from the user, running the second property searchquery on the property search results, and returning a second set ofproperty search results to the user.

In a further embodiment of this aspect of the present invention, theproperty search results provide data from at least one of leasinghistory of a specific building, history of a market in a particulargeographic area, and history of the specific building relative to themarket.

In another embodiment of this aspect of the present invention, themethod further involves saving the property search query as directed bythe user, running the saved property search query at a periodicinterval, and notifying the user of new properties that satisfy theproperty search query. Optionally, the saved property search query hasat least one field that relates to market conditions and at least onenew property satisfies the property search query because of a change inthe market conditions. Also optionally, the saving, running, andnotifying repeat for different users, resulting in a plurality of savedsearches. With these saved searches the method continues by calculatingan amount of saved searches of the plurality of saved searches that willbe satisfied by entry of a new property listing, and reporting theamount to an owner or owner representative so that the owner or ownerrepresentative can maximize demand for the new property listing. Theowner or owner representative can maximize demand for the new propertylisting by setting, for example, an optimum price. The owner or ownerrepresentative can also maximize demand for the new property listing bysetting, for example, an optimum building grade.

In another aspect of this embodiment of the present invention,distributing real estate data involves disseminating location-sensitiveinformation to a mobile information receiving device. The mobileinformation receiving device determines its location and the unifiedgroup of correlated databases receives the location of the mobileinformation receiving device and transmits the location-sensitiveinformation to the mobile information receiving device.

In another aspect of this embodiment of the present invention,distributing real estate data involves displaying a user interface;displaying a display element on the user interface to indicate aproperty for which information is recorded in the unified group ofcorrelated databases; providing a link to the information on the userinterface proximate to the display element; allowing a user to selectthe display element; and in response to the selection, retrieving anddisplaying the information. The user selects the display element bydragging a pointer proximate to the display element, in which case theinformation is automatically displayed. The information can be displayedin, for example, a pop-up window.

Another embodiment of the present invention is a system for collecting,distributing, and using real estate data. The system includes datasources, data mining applications in communication with the datasources, a contact management system in communication with the datasources and the data mining applications, a core data warehouse incommunication with the data mining applications, database processes incommunication with the core data warehouse, and network integrationapplications in communication with the database processes. The datasources gather and generate real estate data. The data miningapplications receive and organize the real estate data into separateinterrelated modules, and evaluate the real estate data and reconcilethe real estate data among the interrelated modules. The contactmanagement system directs the data mining applications to conductcontinuous pollings of the data sources to update the real estate data.The core data warehouse receives and stores the reconciled and updatedreal estate data from the data mining applications. The databaseprocesses access the reconciled and updated real estate data from thecore data warehouse and create database sets. The network integrationapplications manipulate the database sets in response to commands from auser and present results of the manipulation to the user.

In an aspect of this embodiment of the present invention, the networkintegration applications comprise at least one of a look up propertyapplication, a search database application, and an add listingapplication. The search database application can accept property searchqueries from the user, run the property search queries, and returnproperty search results to the user. The search database application canalso add properties to the property search results as directed by theuser without running another search query, remove properties from theproperty search results as directed by the user without running anothersearch query, and run negative search queries as directed by the user toremove properties from the property search results.

In another aspect of this embodiment of the present invention, the datasources include at least one of property managers, proprietarydatabases, Internet sources, site inspections, building owners,brokerage firms, real estate investment trust filings, tenantcanvassing, public records, and comparable property databases.

In another aspect of this embodiment of the present invention, datamining applications include at least one of a property informationdatabase, a tenant information database, an assessment informationdatabase, a comparable property information database, and a marketanalytics information database.

In another aspect of this embodiment of the present invention, thesystem further includes a mobile information collection device thatprovides functions of the data sources and the network integrationapplications. The mobile information collection device includes a globalpositioning system, an output device, and an input device. The globalpositioning system determines a location of the mobile informationcollection device. The output device is in communication with thedatabase processes and the global positioning system. The output devicereads the location provided by the global positioning system andretrieves and displays the database sets corresponding to the location.The data input device receives changes to the database setscorresponding to the location and transmits the changes to the datamining applications.

Another embodiment of the present invention is a method for securelyfacilitating buying and selling of real estate properties. The methodinvolves the following steps: (a) maintaining a unified group ofinterrelated databases accessible through a global information network;(b) accepting a property listing from an owner or owner representativeand recording the property listing in the unified group; (c) providingconfidentiality agreements to preapproved buyers or buyerrepresentatives named by the owner or owner representative; and (d)providing access to the property listing for buyers or buyerrepresentatives that agree to the confidentiality agreement. Theconfidentiality agreements require that the property listing remainconfidential in return for viewing the property listing.

In an aspect of this embodiment of the present invention, the buyer orbuyer representative is provided with an electronic identification keyto access the property listing. The key generates a variable password ata predetermined frequency.

In another aspect of this embodiment of the present invention, theaccepting and recording of the property listing involves determining ifthe owner or owner representative is fraudulent by posting the propertylisting for viewing by a true owner representative.

In another aspect of this embodiment of the present invention, themethod includes the following additional steps: (e) indicating to anunapproved buyer or buyer representative that the property listingexists; (f) accepting from the unapproved buyer or buyer representativea request to view the property listing; (g) forwarding the request tothe owner or owner representative for approval; (h) if the owner orowner representative approves the request, requiring the unapprovedbuyer or buyer representative to agree to a confidentiality agreementrequiring that the property listing remain confidential in return forviewing the property listing; and (i) if the unapproved buyer or buyerrepresentative agrees to the confidentiality agreement, providing accessto the property listing for the unapproved buyer or buyerrepresentative.

According to this aspect, optionally, the unapproved buyer or buyerrepresentative subscribes to an access service that indicates theexistence of property listings in the unified group of interrelateddatabases.

Also according to this aspect, optionally, the buyer or buyerrepresentative agrees to the confidentiality agreement by clickingthrough an agreement posted on the Internet.

Also according to this aspect, optionally, forwarding the requestfurther involves forwarding a profile of the buyer or buyerrepresentative to the owner or owner representative. The forwarding ofthe request could also involve authenticating the profile of the buyeror buyer representative.

Also according to this aspect, optionally, accepting a request to viewthe property listing further involves obtaining a profile of the buyeror buyer representative, authenticating the profile, and transmittingthe profile to the owner or owner representative.

Also according to this aspect, optionally, forwarding the request to theowner or owner representative involves requesting a response from theinformation provider in real time through the Internet or throughwireless data transmission.

Another embodiment of the present invention is a method for securelyfacilitating buying and selling of real estate properties. The methodincludes the following steps: (a) maintaining a unified group ofinterrelated databases accessible through a global information network;(b) accepting a property listing from an owner or owner representativeand recording the property listing in the unified group; (c) indicatingto an unapproved buyer or buyer representative that the property listingexists; (d) accepting from the unapproved buyer or buyer representativea request to view the property listing; (e) forwarding the request tothe owner or owner representative for approval; (f) if the owner orowner representative approves the request, requiring the unapprovedbuyer or buyer representative to agree to a confidentiality agreementrequiring that the property listing remain confidential in return forviewing the property listing; and (g) if the unapproved buyer or buyerrepresentative agrees to the confidentiality agreement, providing accessto the property listing for the unapproved buyer or buyerrepresentative.

In an aspect of this embodiment of the present invention, the unapprovedbuyer or buyer representative is provided with an electronicidentification key to access the property listing. The key generates avariable password at a predetermined frequency.

In another aspect of this embodiment of the present invention, theaccepting and recording the property listing include determining if theowner or owner representative is fraudulent by posting the propertylisting for viewing by a true owner representative.

In another aspect of this embodiment of the present invention, theunapproved buyer or buyer representative subscribe to an access servicethat indicates the existence of property listings in the unified groupof interrelated databases.

In another aspect of this embodiment of the present invention, theunapproved buyer or buyer representative agrees to the confidentialityagreement by clicking through an agreement posted on the Internet.

In another aspect of this embodiment of the present invention,forwarding the request involves forwarding a profile of the unapprovedbuyer or buyer representative to the owner or owner representative.Optionally, the profile of the unapproved buyer or buyer representativecan be authenticated.

In another aspect of this embodiment of the present invention,forwarding the request to the owner or owner representative involvesrequesting a response from the information provider in real time throughthe Internet or through wireless data transmission.

Another embodiment of the present invention is a method for underwritingloans for real estate property. The method begins by establishing aunified group of correlated databases that provides data to facilitate areal estate transaction. Each database is a discrete module of realestate data. The method continues by providing quotes on individual loanprograms in response to customer requests. The quotes are based onproperty data in the unified group. The method continues by providingsoft loan quotes based on property data in the unified group. The methodends by providing pre-approved loan quotes to owners of particularproperties based on real estate data for the particular properties andmarket information in the unified group.

In an aspect of this embodiment of the present invention, providingpre-approved loan quotes involves examining a financial profile of anowner, examining a property owned by the owner, evaluating the propertyto determine value and market analytics, and formulating a pre-approvedcredit line for the owner based on the property.

Another embodiment of the present invention is a method for listing andbrokering real estate commodities and financial derivatives of the realestate commodities. The method involves identifying characteristics ofthe real estate commodities; entering the characteristics into a dataprocessing system utilizing a real-time clock; establishing an exchangemarket for the real estate commodities based on a pre-selected set ofthe characteristics; setting a market price for the real estatecommodities; and establishing classes of the financial derivatives.

In an aspect of this embodiment of the present invention, thecharacteristics can be geographic location, lease term start date range,lease term end date range, building class, volume, or cost.

In another aspect of this embodiment of the present invention, enteringthe characteristics into a data processing system involves the followingsteps: (i) determining whether or not a commodity is being identified tothe data processing system for a first time; (ii) storing thecharacteristics in a commodity database if the commodity is beingidentified to the data processing system for the first time; and (iii)determining a status of the commodity with respect to being a candidatefor purchase, sale, or trade, if the commodity is not being identifiedto the data processing system for the first time.

In another aspect of this embodiment of the present invention, theclasses of financial derivatives can be all commercial real estateavailable during a particular time period in a particular region, allcommercial real estate of a certain class, all commercial real estate ofa certain cost, a lease space equivalent use, or combinations thereof.The lease space equivalent use can include a common descriptive linkbetween varied commodity types, a time period that runs from a date of acontract to a performance date of the commodity, and a contract price.

Another embodiment of the present invention is a system for listing andbrokering real estate commodities and financial derivatives of the realestate commodities. This system includes: (a) a data processing meansfor accepting and storing parameters of an available commodity availablefor sale or exchange; (b) data processing means for entering adescription of a desired commodity desired for purchase or exchange; (c)means for determining that a match exists between the availablecommodity and the desired commodity; (d) means for displaying the matchto a system operator; (e) means for selecting the match for purchase,exchange, or purchase and exchange; (f) means for determining a class offinancial derivatives based on a pre-determined set of characteristicsresident in commodity descriptions stored in a database; and (g) meansfor selecting a class of derivatives for purchase, exchange, or purchaseand exchange.

In an aspect of this embodiment of the present invention, the dataprocessing means includes a system controller comprising a dataprocessing system, a data management program, data entry means forentering data into the data processing system, memory means for storingmemory, and communication means for communicating data between thesystem controller and a plurality of input and output points. Theplurality of input and output points can include, for example, one ormore commodity input points, one or more commodity receiver points, oneor more commodity brokerage points, and one or more derivative exchangepoints.

Another embodiment of the present invention is a method for shopping forreal estate and completing real estate transactions. This methodinvolves providing a mobile information transmitting and receivingdevice that is in communication with a database containing real estatedata; determining a location of the mobile information transmitting andreceiving device using a global positioning system; downloading from thedatabase to the mobile information transmitting and receiving devicereal estate data corresponding to the location; and displaying on themobile information transmitting and receiving device summary informationcorresponding to a property listed in the real estate data to which themobile information transmitting and receiving device is nearest.

In an aspect of this embodiment of the present invention, this methodincludes the additional steps of providing communication between a buyeror buyer representative and a seller or seller representative of theproperty for approval by the seller or seller representative for theprospective buyer to view details of the property; displaying details onthe mobile information transmitting and receiving device, if approved bythe seller or seller representative; and communicating an offer from thebuyer or buyer representative to the seller or seller representativeusing the mobile information transmitting and receiving device. Inaddition to these added steps, the method could also further involvecompleting an electronic agreement to transfer title of the property ifthe offer is accepted by the seller or seller representative.

Another embodiment of the present invention is system for use ininformation exchange between a system operator, a plurality ofinformation providers, and a plurality of information customers. Thesystem allows the information providers to both distribute specifiedinformation through the Internet and control dissemination ofinformation. The system includes means for making the informationprovider's specified information available through a secure website onthe Internet; means for obtaining from the information provider adesignation of a first subset of the information customers that areauthorized to receive access to the specified information on thewebsite; and means for distributing to each one of the first subset ofthe information customers that are authorized to receive access to thespecified information an ID that can be used to access the specifiedinformation.

In an aspect of this embodiment of the present invention, the system isused to facilitate the exchange of information pertaining to commercialreal estate available for sale. In addition, the information providersare owners or owner representatives that provide information concerningthe availability of properties for sale, and the information customersare buyers or buyer representatives.

In another aspect of this embodiment of the present invention, thesystem also includes means for providing a description of the specifiedinformation in a searchable database containing a plurality ofdescriptions of information; means for allowing a second subset ofcustomers to query the searchable database and retrieve informationsufficient to show the existence of information responsive to the querywithout revealing all of the information; means for allowing one or moreof the second subset of customers that are interested in obtainingaccess to the complete information to communicate their interest inaccess to the information responsive to the query; means for forwardingthe request for access and information concerning the interestedcustomer requesting access to the information provider in response to arequest for access; and means for allowing the information provider tomake a decision to grant or deny the request for access to theinformation responsive to the query. Within this system, in response toa deny access decision, the interested customer is notified of the denydecision without learning the identity of the information provider. Inresponse to a grant access decision, the interested customer receivesaccess to the specified information.

According to this aspect, optionally, the means for allowing one or moreof the second subset of customers that are interested in obtainingaccess to the complete information to communicate their interest inaccess to the information responsive to the query, includes: 1) meansfor allowing the interested customer to send a request for accessdirected to the system operator, 2) means for allowing the systemoperator to forward the request for access and information concerningthe interested customer requesting access to the information provider inresponse to a request for access; and 3) means for allowing theinformation provider to make a decision to grant or deny the request foraccess and to communicate the decision to the system operator. Inresponse to a deny access decision, the interested customer is notifiedof the deny decision without learning the identity of the informationprovider. In response to a grant access decision, the system operatorgrants the interested customer access to the specified informationresponsive to the query. Optionally, the system can further include datarecords containing a profile of each of the second subset of customersand means for transmitting the profile information to informationproviders in response to a request for access. Also, optionally, thesystem includes means for forwarding a request for access andinformation concerning the customer requesting access to the informationprovider in response to a request for access, and requesting a responsefrom the information provider in real time through the Internet orthrough wireless data transmission.

According to this aspect, optionally, the system further includes meansfor obtaining a non-disclosure agreement from the interested potentialcustomer as a condition of receiving access to the specifiedinformation. Optionally, the means for obtaining a non-disclosureagreement from the interested potential customer as a condition ofreceiving access to the specified information includes means forobtaining an electronic signature.

Another embodiment of the present invention is a system for use ininformation exchange between a system operator, a plurality ofinformation providers, and a plurality of information customers. Thesystem allows the information providers to both distribute specifiedinformation through the Internet and control dissemination ofinformation. This system includes: (a) means for making the informationprovider's specified information available through a secure website onthe Internet; (b) means for providing a description of the specifiedinformation in a searchable database containing a plurality ofdescriptions of information; (c) means for allowing a customers to querythe searchable database and retrieve information sufficient to show theexistence of information responsive to the query without revealing allof the information; (d) means for allowing one or more of the customersthat are interested in obtaining access to the complete information tocommunicate their interest in access to the information responsive tothe query; (e) means for forwarding the request for access andinformation concerning the interested customer requesting access to theinformation provider in response to a request for access; and (f) meansfor allowing the information provider to make a decision to grant ordeny the request for access to the information responsive to the query.In response to a deny access decision, the interested customer isnotified of the deny decision without learning the identity of theinformation provider. In response to a grant access decision, theinterested customer receives access to the specified information.

In an aspect this embodiment of the present invention, the means forallowing one or more of the customers that are interested in obtainingaccess to the complete information to communicate their interest inaccess to the information responsive to the query, includes: 1) meansfor allowing the interested customer to send a request for accessdirected to the system operator; 2) means for allowing the systemoperator to forward the request for access and information concerningthe interested customer requesting access to the information provider inresponse to a request for access; and 3) means for allowing theinformation provider to make a decision to grant or deny the request foraccess and to communicate the decision to the system operator. Inresponse to a deny access decision, the interested customer is notifiedof the deny decision without learning the identity of the informationprovider. In response to a grant access decision, the system operatorgrants the interested customer access to the specified informationresponsive to the query.

In another aspect of this embodiment of the present invention, thesystem is used to facilitate the exchange of information pertaining tocommercial real estate available for sale. In addition, the informationproviders are owners or owner representatives that provide informationconcerning the availability of properties for sale, and the informationcustomers are buyers or buyer representatives.

In another aspect of this embodiment of the present invention, thesystem also includes means for obtaining a non-disclosure agreement fromthe interested potential customer as a condition of receiving access tothe specified information. The means for obtaining a non-disclosureagreement from the interested potential customer as a condition ofreceiving access to the specified information could include, forexample, means for obtaining an electronic signature.

In another aspect of this embodiment of the present invention, thesystem also includes data records containing a profile of each customerand means for transmitting the profile information to informationproviders in response to a request for access.

In another aspect of this embodiment of the present invention, thesystem includes means for forwarding a request for access andinformation concerning the customer requesting access to the informationprovider in response to a request for access, and requesting a responsefrom the information provider in real time through the Internet orthrough wireless data transmission.

Another embodiment of the present invention is a system for correlatinginformation stored in a remote database with a user's location,retrieving pertinent data files from the database based upon the user'slocation, and transmitting the selected data files to the user. Thesystem includes user equipment sets, a computer, and a database incommunication with the computer. Each user equipment set including meansfor inputting or determining a user's geographic location and fortransmitting information pertaining to the user's location to a remotecomputer. The computer is equipped for communication with geographicallyremote users that are equipped with the equipment sets so as to senddata to the equipment sets and receive data from the equipment setsincluding data pertaining to a user's location. The database storesinformation that includes information identifying the location of aproperty. In response to receipt of data pertaining to a user'slocation, the computer retrieves information pertaining to the user'slocation and transmits the same to the user's equipment set for displayon the display.

In an aspect of this embodiment of the present invention, theinformation pertaining to the user's location includes informationconcerning comparable properties.

In another aspect of this embodiment of the present invention, theinformation pertaining to the user's location includes informationconcerning three dimensional video description of properties.

In another aspect of this embodiment of the present invention, theinformation pertaining to the user's location includes informationconcerning historical performance of commercial properties.

In another aspect of this embodiment of the present invention, theinformation pertaining to the user's location includes informationconcerning comparable lease data for commercial properties.

In another aspect of this embodiment of the present invention, theinformation stored in the database includes information pertaining tocommercial or residential real estate located proximate to the user'slocation. The information includes at least one of data and imagesdescribing the commercial real estate. In response to receipt of datapertaining to a user's location, the computer retrieves informationdescribing the commercial real estate near the user's current locationand transmits the same to the user's equipment set for display on thedisplay.

In another aspect of this embodiment of the present invention, inresponse to receipt of data pertaining to a user's location, thecomputer retrieves geographically pertinent information and transmitsthe same to the user's equipment set for display on the display.

In another aspect of this embodiment of the present invention, thedisplay includes a map of a geographic area; an indicator on the map toindicate a property for which information is recorded in the database;and (iii) a pop-up window linked to the indicator. The pop-up windowappears when the user's location is proximate to the property for whichinformation is recorded in the database. The pop-up window displays theinformation recorded in the database. The information can include, forexample, at least one of a photograph of the property, an address of theproperty, a building class size of the property, a building size of theproperty, a number of floors of the property, a year in which theproperty was built, a buyer of the property, a sale price of theproperty, a price per square foot of the property, and a cap rate of theproperty.

Another embodiment of the present invention is a system for storing andautomatically displaying descriptions and visual images of real estateon a user's display. The system includes means for generating aplurality of digitized video images of selected real estate, means forstoring data records concerning the real estate, means for determining auser's geographic location, means for retrieving data recordscorresponding to the user's geographic location, and means fordisplaying on a single display the digitized video images and textualinformation. Each digitized video image depicts a view of a specifiedarea of a real estate property. The data records include, for example,the digitized video images, textual information concerning the realestate, and information identifying the geographic location of the realestate in a computer database.

In an aspect of this embodiment of the present invention, the systemalso includes means for generating and displaying three dimensionalvideo depictions.

In another aspect of this embodiment of the present invention, thesingle display includes a map of a geographic area; an indicator on themap to indicate a location of a property for which a data record exists;a link to the data record on the map proximate to the indicator; and apop-up window proximate to the indicator. The pop-up window appears whenthe link is activated and includes at least a portion of the datarecord. The link is activated by, for example, dragging a pointer overthe indicator, touching a touch screen at the indicator, or voicing acommand to a voice activated response system.

Another embodiment of the present invention is a system for facilitatingcommercial real estate information loan transactions. The systemincludes at least one searchable database, a search engine,communication equipment, and a computer. The at least one searchabledatabase contains data records. The data records identify a plurality ofcommercial real estate properties, associate at least one lender witheach of the commercial real estate properties, associate a loancommitment with each of the commercial real estate properties, provideinformation sufficient to evaluate the investment value of the property,and provide a list of qualified buyers or information sufficient toevaluate the credit worthiness of prospective buyers. The search engineallows potential customers to query the searchable database. Thecommunication equipment allows potential customers that are interestedin purchasing a commercial real estate property to communicate theirinterest and lock in the loan commitment associated with that commercialreal estate property subject to qualification of the potential customeras a qualified buyer. The computer determines whether the potentialcustomer is a qualified buyer and prompts the potential customer toprovide further information, if required.

In an aspect of this embodiment of the present invention, the datarecords that identify commercial real estate properties includeinformation pertaining to: square footage data representing a squarefootage of the commercial real estate; data characterizing the selecteduse of the commercial real estate; cost data; data about the tenant inthe commercial real estate; a real estate submarket identification; aclassification of the commercial real estate based on at least one of abuilding grade, an age of the building, and an extrapolation ofcomparable buildings; information pertaining to the submarket includingat least one of rent data, vacancy data and absorption rate data; andbuilding-specific information. The system also includes computers andcommunication equipment for allowing a plurality of users to query thedatabase, add data to the database, and retrieve information from thedatabase.

Another embodiment of the present invention is a method for facilitatingcommercial real estate information loan transactions. The method beginsby providing at least one searchable database that contains datarecords. The data records identify a plurality of commercial real estateproperties, associate at least one lender with each of the commercialreal estate properties, associate a loan commitment with each of thecommercial real estate properties, provide information sufficient toevaluate the investment value of the property, and provide a list ofqualified buyers or information sufficient to evaluate the creditworthiness of prospective buyers. The method continues by allowingpotential customers to query the searchable database to identifycommercial real estate properties of interest. In response to suchqueries, the method continues by presenting the potential customers withinformation sufficient to evaluate the investment value of each propertyand the loan commitment associated with that commercial real estateproperty. The method continues by allowing potential customers that areinterested in purchasing a commercial real estate property tocommunicate their interest and lock in the loan commitment associatedwith that commercial real estate property subject to qualification ofthe potential customer as a qualified buyer. The method ends bydetermining whether the potential customer is a qualified buyer andprompting the potential customer to provide further information, ifrequired.

Another embodiment of the present invention is a system for facilitatingcommercial real estate information loan transactions. The systemincludes at least one searchable database, a search engine, andcommunication equipment. The at least one searchable database containsdata records that identify a plurality of qualified buyers of commercialreal estate together with information sufficient to evaluate the creditworthiness of each of the qualified buyers listed, and associate eithera category of interest or past purchase information indicative of acategory of interest with each qualified buyer. The search engine allowspotential sellers of commercial real estate to query the searchabledatabase. The communication equipment allows potential sellers ofcommercial real estate property to communicate information concerningtheir property to qualified buyers.

In an aspect of this embodiment of the present invention, the datarecords that contain information concerning commercial real estateproperties include information pertaining to square footage datarepresenting a square footage of the commercial real estate; datacharacterizing the selected use of the commercial real estate; cost dataincluding a rental price of the commercial real estate; data about thetenant in the commercial real estate; a real estate submarketidentification; a classification of the commercial real estate basedupon at least one of a building grade, an age of the building, and anextrapolation of comparable buildings; information pertaining to thesubmarket including rent data, vacancy data and absorption rate data;and building-specific information. In addition, the system also includesa computer for allowing qualified buyers to access the informationconcerning commercial real estate properties for which they receiveinformation from potential sellers.

Another embodiment of the present invention is a method for facilitatingcommercial real estate information loan transactions. The method beginsby providing at least one searchable database containing data records.The data records identify a plurality of qualified buyers of commercialreal estate together with information sufficient to evaluate the creditworthiness of each of the qualified buyers listed; and associate eithera category of interest or past purchase information indicative of acategory of interest with each qualified buyer. The method continues byproviding a search engine for allowing potential sellers of commercialreal estate to query the searchable database. The method ends byallowing potential sellers of commercial real estate property tocommunicate information concerning their property to qualified buyers.The information includes market information and building-specificinformation.

Another embodiment of the present invention is a method for providinginformation concerning real estate property. The method involvesdisplaying a user interface; displaying a display element on the userinterface to indicate a real estate property; linking the displayelement to a data entry for the real estate property; allowing a user toselect the display element; and, in response to selection of the displayelement, retrieving and displaying information from the data entry.

In an aspect of this embodiment of the present invention, the userselects the display element by dragging a pointer proximate to thedisplay element, in which case the information from the data entry isautomatically retrieved and displayed.

Optionally, the information from the data entry is displayed in a pop-upwindow. Also, optionally, the method also involves allowing the user toclick on the pop-up window to receive more information from the dataentry.

In another aspect of this embodiment of the present invention, the userselects the display element clicking through the indicator, using atouch screen, or using a voice activated response system.

In another aspect of this embodiment of the present invention, theinformation includes one or more of an image of the real estateproperty, audio content relating to the real estate property, video ofthe real estate property, and textual information on the real estateproperty. The textual information includes one of an address of the realestate property, a building class size of the real estate property, abuilding size of the real estate property, a number of floors of thereal estate property, a year in which the real estate property wasbuilt, a buyer of the real estate property, a sale price of the realestate property, a lease price of the real estate property, a price persquare foot of the real estate property, and a cap rate of the realestate property.

In another aspect of this embodiment of the present invention, the userinterface is a chart and the display element is a textual listing of thereal estate property.

In another aspect of this embodiment of the present invention, the userinterface is a map and the display element is an icon. The icon cansignify a characteristic of the real estate property. For example, theicon could signify that the real estate property is an office space, anindustrial space, or a retail space. Or, the icon could signify that thereal estate property is a condominium, a townhouse, or a single familyhome. The icon could also signify the price range of the real estateproperty or the price of the real estate property.

Underlying the seemingly automatic retrieval of location-basedinformation of the previous embodiment of the present invention, anotherembodiment of the present invention is a database containing dataconcerning real estate information and/or other information of interest,including merchant information, tourist information, service providerinformation, and the like. The information in the database is correlatedwith geographic location information to allow data pertaining to aparticular geographic location to be retrieved. Information may beretrieved on demand in response to user queries or searches, or theinformation may be retrieved in response to predetermined systemqueries. The use of the predetermined system queries allows theseemingly automatic display of pertinent information as mentionedbefore.

The ability to automatically retrieve information corresponding to ageographic location in response to predetermined queries can be used invarious contexts. As mentioned before, the information can be used inconjunction with a GPS or other position determining system toautomatically display geographically relevant information based on auser's position, whether in a vehicle or using a handheld system. Theautomatic retrieval can also be used to provide a user-friendlygraphical user interface for accessing information stored in thedatabase.

In accordance with one important aspect of the present invention, thesystem includes software for providing a unique graphical user interfacefor displaying information retrieved from a database. Specifically, whendata is retrieved from the database (either as a result of a user queryor a predetermined query), only a portion of the data retrieved isdisplayed. The remaining data is stored locally for quick retrieval,such as in a cache. The portion of the data that is displayed may bedisplayed in a text grid/spreadsheet/chart format. Optionally, the datamay be displayed in a map format.

In accordance with one aspect of the present invention, to provide anuncluttered, yet user-friendly interface, only a subset of the data thatis retrieved is displayed. Additional data is automatically displayed inresponse to a user input, such as passing a pointing device icon overtext on the grid/spreadsheet/chart or over an icon on the map display.In the embodiment described herein, the data retrieved, but notinitially displayed, is a digital image of the property presented withaddress and/or price information. The interface further includes a meansfor users to optionally retrieve even further information from thedatabase by, for example, selecting (e.g., with a pointing device) textor an icon representing the desired information. It should beunderstood, however, that this graphical user interface feature is morewidely applicable and, indeed, can be used in connection with any systemwhere there is an advantage to use of this display technique.

In accordance with another important aspect of the present invention,icons can be used to provide information about the properties shown inthe text grid/spreadsheet/chart or on the map view of the userinterface. In the map view, for instance, an icon's location on a mapprovides geographic location information. To provide furtherinformation, the icon may be in a shape or appearance that conveysinformation concerning the type of property, the cost of the property,or the identity of the broker listing the property. Further, the iconmay be a small digital image (thumbnail image) of the property itself toconvey further information.

Another embodiment of the present invention provides a system and methodfor presenting, through a unique user interface, commercial real estatetenant information in relation to property information. The unique userinterface provides users with an intuitive and convenient tool foraccessing tenant information relating to a building. In a specificimplementation, the user interface is an image of the building to whichthe tenant information corresponds.

The graphical user interface features described herein may be used invarious combinations to customize functionality for different purposesto leverage the use of the database. For example, it is possible for thesystem operator to provide custom content for individual brokers byusing predetermined queries to display only properties listed by aparticular broker and by displaying the information as an essentiallyseamless part of the broker's web site. The hierarchical display ofinformation retrieved from the database can be used in other contexts inwhich display of too much information is confusing or impractical, andresubmitting queries to get basic information is too cumbersome forusers. Thus, the present invention also provides graphical userinterface tools with broad applicability.

Related to the provision of custom content to individual brokers,another embodiment of the present invention provides a system and methodfor supplying content from a central database to affiliated web sites.This embodiment provides access to a comprehensive, up-to-date,integrated commercial real estate database, from which data can be drawnto support commercial real estate web sites for brokerage companies orindividual brokers. As an example, in this embodiment, a broker uses asite template (e.g., graphical user interface) containing modifiableportions and portions that link to the integrated commercial real estatedatabase.

The present invention also provides communication and analytical toolsthat interface with a commercial real estate database and supportcommercial real estate transactions. These communication and analyticaltools include: 1) a survey tool; 2) a commercial real estate transactiontool; 3) a tour scheduling tool; 4) an activity summary tool; 5) a toolfor analyzing commercial real estate data; and 6) a map search tool.

An embodiment of the present invention provides, in a system comprisinga real estate database containing information regarding commercial realestate properties, a method for disseminating information contained inthe real estate database. The method includes accepting search criteriafrom a user; searching the real estate database for information thatmeets the search criteria; reporting search results to the user, whereinthe search results include the information that meets the searchcriteria; receiving a file from the user; associating the file with thesearch results and the search criteria; and providing the user withaccess to the search criteria, the search results, and the associatedfile.

The search criteria are, for example, space requirements of aprospective tenant or buyer, or are information requirements of acommercial real estate professional. The file can include, for example,a spreadsheet, a document, or a brochure. The method can also includereceiving instructions from the user to provide a second user withaccess to the search criteria, the search results, and the associatedfile, and then providing the second user with the access. The user couldbe, for example, a broker in a brokerage firm, while the second usercould be a client of the broker, a broker who is a member of thebrokerage firm, or a broker who is not a member of the brokerage firm.

Another embodiment of the present invention provides a system forcollecting, distributing, and using real estate data. The systemincludes data sources that gather and generate the real estate data. Thesystem also includes data mining applications in communication with thedata sources. The data mining applications receive and organize the realestate data into separate interrelated modules, and evaluate the realestate data and reconcile the real estate data among the interrelatedmodules. The system also includes a contact management system incommunication with the data sources and the data mining applications.The contact management system directs the data mining applications toconduct continuous pollings of the data sources to update the realestate data. The system also includes a core data warehouse incommunication with the data mining applications. The core data warehousereceives and stores the reconciled and updated real estate data from thedata mining applications. The system also includes database processes incommunication with the core data warehouse. The database processesaccess the reconciled and updated real estate data from the core datawarehouse and create database sets. The system also includes a searchdatabase application in communication with the data processes. Thesearch database application accepts a property search query from theuser and reports search results to the user. The search results includereal estate data in the core data warehouse that meet the user's searchquery. The search database application is adapted to receive files fromthe user and associate the files with the search results.

In an aspect of this embodiment, the search database application isadapted to provide the user with access to the search results and theassociated files. In addition, the search database application can beadapted to receive instructions from the user to provide a second userwith access to the search results and the associated files, and toprovide the second user with the access.

Another embodiment of the present invention provides a method forfacilitating a commercial real estate transaction. This method includesreceiving space requirements from a user; searching a commercial realestate database for spaces meeting the space requirements; reporting tothe user the spaces meeting the space requirements; receiving from theuser selected spaces from among the spaces meeting the spacerequirements, wherein the selected spaces are spaces for which the userwants to confirm availability; forwarding electronic communications torepresentatives of the selected spaces, wherein the electroniccommunications request confirmation of availability of the selectedspaces; updating the commercial real estate database in response toreceiving denials of space availability; and reporting, to the user,available spaces from among the selected spaces in response to receivingconfirmations of space availability for the available spaces.

In an aspect of this embodiment, the method further includes receivingfrom the user final chosen spaces from among the available spaces,wherein the final chosen spaces are spaces for which the user wantsproposals; forwarding second electronic communications torepresentatives of the final chosen spaces, wherein the secondelectronic communications request proposals on behalf of the user forthe final chosen spaces; and reporting, to the user, the proposals fromthe representatives of the final chosen spaces.

In another aspect of this embodiment, the method includes providing theuser with comparisons of the proposals.

In another aspect of this embodiment, the method includes consulting thecommercial real estate database to determine locations of the finalchosen spaces; receiving, from the user, times to spend visiting each ofthe final chosen spaces; determining an order in which to visit thefinal chosen spaces; calculating travel times between the final chosenspaces based on the order and the locations; and determining a tour ofthe final chosen spaces based on the visiting times and the traveltimes. Determining the order can involve receiving the order from theuser. Alternatively, the order can be based on one of shortest time andshortest distance.

In another aspect of this embodiment, the method includes forwarding tothe user and to the representatives of the final chosen spaces a thirdelectronic communication providing access to the tour.

In another aspect of this embodiment, the method includes displaying thetour on a map that shows a route between the final chosen spaces. Themap can include an icon indicating the location of a final chosen space.The icon can be linked to data in the commercial real estate databasethat corresponds to the final chosen space, and can be adapted to beactivated to provide access to the data.

In another aspect of this embodiment, the method includes reporting, tothe representatives of the final chosen spaces, the requests forproposals along with other requests for proposals on their respectivespaces.

Another embodiment of the present invention provides a method forreporting tasks completed in commercial real estate transactions. Thismethod comprises storing information pertaining to a property in acommercial real estate database; associating the property with arepresentative of the property; facilitating searches of the commercialreal estate database for spaces meeting designated space requirements,wherein the property meets the designated space requirements for anumber of the searches; and reporting the number to the representative.

In an aspect of this embodiment, the method also includes receivingrequests to confirm availability of the property, and reporting, to therepresentative, the number of requests to confirm availability of theproperty.

In another aspect of this embodiment, the method also includes receivingrequests for proposals for the property, and reporting, to therepresentative, the number of requests for proposals for the property.

In another aspect of this embodiment, the method also includes receivingschedules for tours of the property, and reporting, to therepresentative, the number of tours of the property. The representativecan include one or more brokers and reporting the number of tours of theproperty can include reporting the number of tours given by each of theone or more brokers.

In another aspect of this embodiment, the method also includesreceiving, from the representative, proposals on the property, andreporting, to the representative, the number of proposals on theproperty. The representative can include one or more brokers andreporting the number of proposals on the property can include reportingthe number of proposals issued by each of the one or more brokers.

In another aspect of this embodiment, the method also includes reportingthe number to an owner of the property.

Another embodiment of the present invention provides a method formonitoring activities of a commercial real estate broker. This methodincludes providing a commercial real estate database that associates thebroker with properties that the broker represents; facilitating searchesof the commercial real estate database for spaces meeting designatedspace requirements, wherein the properties meet the designated spacerequirements for a number of the searches; and reporting the number tothe broker.

In an aspect of this embodiment, the number is broken down according toeach property of the properties that the broker represents.

In another aspect of this embodiment, the method also includes receivingrequests to confirm availability of the properties, and reporting, tothe broker, the number of requests to confirm availability of theproperties.

In another aspect of this embodiment, the method also includes receivingrequests for proposals for the properties, and reporting, to the broker,the number of requests for proposals for the properties.

In another aspect of this embodiment, the method also includes receivingschedules for tours of the properties, and reporting, to the broker, thenumber of tours of the properties. The broker can include one or moreagents and reporting the number of tours of the properties can includereporting the number of tours given by each of the one or more agents.

In another aspect of this embodiment, the method also includesreceiving, from the broker, proposals on the properties, and reporting,to the broker, the number of proposals on the properties. The broker caninclude one or more agents and reporting the number of proposals on theproperties can include reporting the number of proposals issued by eachof the one or more agents.

Another embodiment of the present invention provides a system foranalyzing commercial real estate market conditions. This system includesa database for storing information about commercial real estate. Thedatabase contains data records, including information pertaining tolease information, sale information, comparable sales information, andtenant information. The system also includes an analytical applicationin communication with the database. The analytical application isadapted to receive characteristics of a property, to retrieve datapertinent to the characteristics from the database, and to displayhistorical trends and forecasts of the real estate market conditionsbased on the data retrieved from the database.

In an aspect of this embodiment, the forecasts are based on projecteddata in the database. The projected data can be projected absorption,projected construction starts, projected building deliverables, orprojected lease expiration. The projected absorption can be based on oneof preceding year average; five year average; median quarter value; meanquarter value; % seq positive growth; % seq negative growth; best offour quarters; and worst of four quarters. The projected constructionstarts can be based on one of preceding year average; five year average;mode quarter value; average quarter value; and % of five year average.

In another aspect of this embodiment, the historical trends and theforecasts include at least one of absorption, deliveries, and vacancy;rental rates; occupancy rates; percent leased rates; vacancy by spacetype; direct and sublet vacant square footage; occupancy and leasedrates; current rental rates; vacancy and rental rates; and netabsorption rates.

Another embodiment of the present invention provides a map searchapplication that facilitates access to geographic-based data stored in adatabase. As an example, the map search application allows access to thecommercial real estate data described above. This embodiment providesthis access through a global computer network, such as the Internet,allowing remote access to the database. A user can conduct queriesacross all relevant databases by identifying a region on a map andspecifying search criteria to meet within the region.

According to an aspect of this embodiment of the present invention, auser selects a search area by drawing a search area on a map. The userdraws the search area by dragging a shape, such as a rectangle orcircle, or by using a polygon drawing tool. The present inventioncorrelates the drawn search area to geographic-based data encompassedwithin the search area and retrieves the data. The results are thenplotted across the map.

In one aspect of this embodiment, the search area and search results areoverlaid on a map that represents the geographic area. In another aspectof this embodiment, the search area and search results are overlaid onan aerial photographic view of the geographic area.

In a specific implementation of the present invention, thegeographic-based data includes properties available for lease. After auser defines an area using the map search application and specifiescriteria by which to search for properties for lease, the inventiondisplays, within the defined area, the properties for lease that meetthe criteria. The user can then select an individual property, inresponse to which the invention displays information about the propertyand, optionally, a photograph of the property.

Another embodiment of the present invention provides, in a systemcomprising a real estate database containing information regardingcommercial real estate properties, a method for disseminatinginformation contained in the real estate database. According thisexemplary method, a computer user interface containing an aerial imageof an area of land is displayed. An image of a property appears in theaerial image. Map features are overlaid onto the aerial image.Information about the property is associated with the image of theproperty appearing in the aerial image. Access is provided through thecomputer user interface to the information about the property.

The method can further include displaying an icon over the image of theproperty in the aerial image, associating the information with the icon,and displaying the information in response to a user's clicking on theicon.

The map features can comprise, for example, street names, linesindicating street routes, lines indicating city, county, or stateboundaries, or symbols indicating terrain features.

These and other aspects of the present invention are described ingreater detail in the detailed description of the invention, theappended drawings, and the claims. Additional features of the inventionwill be set forth in the description that follows, will be apparent fromthe description, or may be learned by practicing the invention.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 shows the overall system architecture of the present invention,according to an embodiment of the present invention.

FIG. 2 is a schematic representation of the mobile information gatheringsystem and related system architecture, according to an embodiment ofthe present invention.

FIGS. 3-16 are slides that graphically depict the commercial real estatemarket and the process for transactions within that market, to providethe context in which an embodiment of the present invention operates.

FIGS. 17-34 are slides that graphically depict an embodiment of thesystem and method for collection and distribution of informationaccording to the present invention.

FIGS. 35-71 are web screen shots that depict an embodiment of the systemand method for collection, distribution and use of information accordingto the present invention.

FIG. 72 is a high level overview of the proposed method and system forlisting, brokering, and exchanging carrier capacity, according to anembodiment of the present invention.

FIG. 73 is a drawing of the apparatus that can be used as an entry pointinto the system to utilize the method, according to an embodiment of thepresent invention.

FIG. 74 is a schematic diagram of a user interface through which toaccess tenant information, according to an embodiment of the presentinvention.

FIG. 75 is a graph illustrating the timeliness and reliability ofcomparable sales information as a function of sales cycle, according toan embodiment of the present invention.

FIG. 76 is a schematic diagram of a site template containing modifiableportions and portions that link to an integrated commercial real estatedatabase, according to an embodiment of the present invention.

FIGS. 77-84 are screen shots that depict an exemplary survey tool,according to an embodiment of the present invention.

FIGS. 85-95 are screen shots that depict an exemplary commercial realestate transaction tool, according to an embodiment of the presentinvention.

FIGS. 96-99 are screen shots that depict an exemplary tour schedulingtool, according to an embodiment of the present invention.

FIG. 100 is a screen shot that depicts an exemplary tenant-broker statuspage, according to an embodiment of the present invention.

FIGS. 101-116 are screen shots that depict an exemplary analytical tool,according to an embodiment of the present invention.

FIGS. 117-124 are screen shots that depict an exemplary map search tool,according to an embodiment of the present invention.

FIGS. 125 and 126 are schematic diagrams that illustrate an exemplarysystem and method for providing map-based search functions, according toan embodiment of the present invention.

FIGS. 127-132 are schematic diagrams that illustrate an exemplary methodfor spatial indexing, according to an embodiment of the presentinvention.

FIG. 133 is a color screen image of an exemplary researcher interface,according to an embodiment of the present invention.

FIG. 134 is a flowchart that outlines an exemplary method forresearching information regarding real estate properties, according toan embodiment of the present invention.

FIG. 135 is a flowchart that outlines an exemplary method for geocodinga property, according to an embodiment of the present invention.

FIG. 136 is a color screen image of an exemplary dispatcher interface,according to an embodiment of the present invention.

FIG. 137 is a color screen image of an enlarged view of a portion of theimage shown in FIG. 2.

FIG. 138 is a screen image of an exemplary interface that presentsinformation corresponding to a property selected in the image of FIG. 2,according to an embodiment of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

I. Introduction

The present invention, an embodiment of which is sometimes referred toherein as COSTAR EXCHANGE™, facilitates a web-based marketplace thatefficiently and securely facilitates the buying and selling ofcommercial properties.

The invention includes, but is not limited to the following: alarge-scale database of commercial properties for sale (over 38,000commercial properties with a combined asset value in excess of $40billion in one embodiment); a secure web service, an embodiment of whichis known as COSTAR EXCHANGE™, for distributing the information; andcommunication and data processing equipment that allow sellers ofproperties to list extensive information about their properties for saleon the site at no cost. The site affords an efficient means for thesesellers to reach a large universe of potential buyers. In oneembodiment, potential buyers pay a subscription fee to access thesystem. Sellers of investment-grade properties have the additionaloption of selecting limited, secure distribution of their properties inorder to address confidentiality requirements.

The system of the present invention makes it possible for a user toextract data relating to virtually every aspect of a commercial realestate transaction. Although the data is described as being containedwithin a “database,” data can be stored in a plurality of linkedphysical locations or data sources. The significant aspect is that thedatabase contains information relating to areas that have previouslybeen only accessible in isolation from one another. By providing aunified data model and a system for forming a variety of queries againstthe unified database, it is possible to understand with precision therelationship between market factors that have heretofore only beenunderstood in an anecdotal way. For example, prior to the presentinvention, a commercial real estate investor might have recognized thevalue of investing in a particular building that had low vacancy but waslocated in an area of extremely high vacancy. If so, this investor mightalso be interested in knowing that a building that is on the market haslost a big tenant. Prior to the system of the present invention,however, there has been no unified way of storing an investor'sinvestment criteria and continually monitoring the market so as to havethe ability to provide a real-time alert when a property matching theinvestor's investment criteria has become available. This advantage isachieved because databases containing leasing information are linkedwith databases concerning buildings for sale, which are linked todatabases that store a particular investor's investment criteria, whichare linked to databases that store the data necessary to determinemarket conditions, and so on. It is through the connections ofpreviously discrete databases that the synergies and advantages of thepresent invention arise.

In this sense, the present invention resides in the interconnection ofrelated pieces of information that allows a true understanding and deepappreciation of a commercial real estate market. The user of the systemof the present invention has the ability to understand data in context,because the data in one data source is influenced by other data sourcesthat have heretofore not been connected.

The data stored in the databases of the present invention is fromvarious sources. For example, property information can be obtained byresearching information sold and information available. Tenantinformation can be obtained through personal inspection of propertiesand from brokers. Market analytics is obtained through an historicalanalysis. In addition, tax assessment information provides yet anothersource of information.

Another way of gathering information is through a mobileinformation-collecting device, according to another aspect of thepresent invention. The mobile information-collecting device is a truckor other vehicle that is equipped with a GPS system and a link to thedatabases of the system of the present invention. The device furtherincludes a display screen and input device, and can include a webcamera. The system is designed such that the location of the truck orother mobile information gathering device at any particular instance iscorrelated to the database so that information concerning properties inthe vicinity of the truck is automatically displayed on the displayscreen located in the truck. Thus, as a truck passes a particularcommercial real estate building, information pertaining to that buildingis displayed, and the operator can determine whether additionalinformation has to be gathered or whether information obtained in thedatabase should be modified. The important thing is that the systemautomatically retrieves and displays the entirety of the currentlyavailable information so that the operator can determine if pieces ofinformation are missing or need to be updated.

The mobile information gathering system of the present invention hasother applications as well. For example, a similar device is used inconnection with residential real estate listings to display pertinentinformation and directions to the nearest available home for sale. Thepertinent information could include, for example, photographs thatpop-up on the display as the mobile information-collecting devicetravels. Likewise, the system displays information concerning merchants,service providers, or tourist attractions within a particular area in anon-commercial setting. For example, the GPS in a passenger car islinked to a database that contains information about local merchants,such as restaurants. As the driver approaches these restaurants, thesystem displays advertisements or other information pertaining to therestaurants.

Thus, in accordance with the present invention, the system provideslocation-sensitive real estate information automatically and performsother useful tasks by correlating a vehicle's instantaneous position todata stored in a remote database. The system identifies geographicallypertinent information and transmits the geographically pertinentinformation to the vehicle for display on the display panel within thevehicle or, perhaps, for audio announcements to the vehicle occupant.

II. System Architecture

FIG. 1 shows the overall system architecture of an embodiment of thepresent invention. As shown, the principal components of the systemarchitecture include data sources A10, a contact management system A14,data mining applications A12, a core data warehouse A16, databaseprocesses A18, and Internet integration applications A20. Broadlystated, contact management system A14 directs data mining applicationsA12 to obtain commercial real estate information from data sources A10;data mining applications A12 gather, organize, and transmit theinformation to core data warehouse A16; database processes A18 accessthe information from core data warehouse A16 and organize it formanipulation by Internet integration application A20 (e.g., by buildingdatabase sets); and Internet integration application A20 presents theinformation to the end user for review and manipulation by the user. Interms of input and output, data sources A10, contact management systemA14, and data mining applications A12 represent the input side of thesystem architecture, while database processes A18 and Internetintegration application A20 represent the output side to which an enduser of the system is connected.

Data sources A10 represent a vast network of entities generatinginformation about commercial real estate. Each entity maintainsinformation specific to the business or process in which it is involved.Contact management system A14 directs the input systems of data miningapplications A12 to conduct continuous pollings of data sources A10. Byconducting continuous, periodic polling of data sources A10, data miningapplications A12 ensure that core data warehouse A16 contains up-to-dateinformation.

Data sources A10 include such data repositories as property managersA22, proprietary databases A24, Internet A26, site inspections A28,building owners A30, brokerage firms A32, REIT filings A34, tenantcanvassing A36, public records A38, and comparable information researchfirms A40. Property managers A22, building owners A30, and brokeragefirms A32 maintain records on the individual properties in which theyare involved, concerning such information as transaction histories andcharacteristics of a property. To obtain this information, contactmanagement system A14 supports communications (e.g., by telephone ore-mail) between representatives operating the present invention and thepersonnel of property managers A22, building owners A30, and brokeragefirms A32.

Proprietary databases A24, Internet A26, and REIT filings A34 are datasource entities that require review by personnel associated with contactmanagement system A14 and data mining applications A12. The personnelpull the pertinent information from these data sources for gathering bydata mining applications A12 and storage by core data warehouse A16.

Site inspections A28 and tenant canvassing A36 are data source entitiesthat target specific regions or properties on which to obtain commercialreal estate information. Typically, this information is obtainedmanually by visiting a particular location and recording observationsand/or by using a mobile information gathering system.

Public records A38 and comparable information research firm A40 areautomated data source services that digitally record information andautomatically transmit the information to data mining applications A12.

Data mining applications A12 receives the information from data sourcesA10 into separate modules or applications, including, in an embodimentof the present invention, property information application A42, marketanalytics application A44, tenant information application A46,assessment information application A48, and comparables informationapplication A50.

Property information application A42 and tenant information source A46receive information from property managers A22, proprietary databasesA24, Internet A26, site inspections A28, building owners A30, brokeragefirms A32, REIT filings A34, and tenant canvassing A36. Assessmentinformation application A48 receives information from public recordsA38. Comparables information application A50 receives information fromcomparable information research firm A40. As sort of a hybrid ofproperty information application A42 and tenant information applicationA46, market analytics application A44 receives information from datasources A10 through property information application A42 and tenantinformation application A46 and conducts analyses of the data to presenthistorical evaluations of transactions.

Property information application A42 includes sales information onproperties, such as physical characteristics, available space, sellingprice, and income expense statements. Tenant information application A46includes leasing information such as lease turnover dates, average priceper square foot, and the types of tenant under lease. Market analyticsapplication A44 draws on information from property informationapplication A42 and tenant information application A46 to analyzetransactions over a long period of time (e.g., ten years) to providevaluable historical performance data. Assessment information applicationA48 includes property valuations, e.g., tax assessments. Comparablesinformation application A50 includes broad market information thatenables accurate comparisons of property values based, for example, ontype of building structure and geographic proximity.

Each of the modules of data mining applications A12 is highlyinterrelated with other modules, such that a change of information inone module necessitates a change of information in another. For example,if tenant canvassing A36 learns that a tenant has moved out of propertyA and into property B, tenant information application A46 must noteunder the tenant's information the new space the tenant occupies;additionally, and as a direct result of the transaction, propertyinformation application A42 must note the new vacant space in property Aand the now occupied space in property B. In turn, the adjustments inoccupancy affect the analysis performed by market analytics applicationA44, e.g., if property A is now left with a low occupancy rate, itcompares unfavorably to other properties similarly situated. Inaddition, considering the likely scenario that property B was occupiedby a previous tenant who moved elsewhere, the seemingly singular eventof the initial transaction (tenant's move from property A to property B)is actually a part of a series of transactions through the interrelatedmodules of data mining applications A12. As a helpful analogy, datamining applications A12, with its group of interrelated modules, iseffectively an enormous accounting ledger that tracks property spaceinstead of dollars, and records a series of related transactions inzero-sum fashion, akin to credits and related debits. After recording asingle transaction, the present invention reconciles the entries in eachinterrelated module by confirming that the interrelated entries areinternally consistent.

As data mining applications A12 receive real estate information fromdata sources A10 and process the impact of that information through themodules or applications, the information is stored and constantlyupdated in core data warehouse A16. Database processes A18 access thisdata from the output side of core data warehouse A16 and create databasesets compatible with formats required by Internet integrationapplication A20. Internet integration application A20 manipulates thedatabase sets in response to commands from a user, and presents theresults of database manipulations, e.g., search query results, to theuser in the form of graphical user interfaces. The specificmanipulations executed by Internet integration application A20 aredescribed below in more detail under the subheading “DetailedDescription—Website Operation.”

Another embodiment of the present invention provides a coordinatedmethod and system for collecting data for a commercial real estatedatabase having distinct but related categories of information.According to this embodiment, the system enters information concerningone category of information into the database, and then determines therelevance of that entered information to other categories ofinformation. If the entered information is deemed relevant to a secondcategory of information, then the system notifies a researcherresponsible for collecting data for the second category of information.The system then provides the researcher with the entered information.

For a nationwide commercial real estate database, the collection andmaintenance of data is an enormous undertaking, involving numerousindividuals. Updating the data may involve, for example, researchers inthe field gathering information concerning, among other things,commercial real estate that is for sale. In conducting this research,the researchers may come across information that is important toresearchers responsible for other categories of information, as well.For example, a researcher may determine that a building previouslylisted as for-sale has been sold. This completed sale information wouldbe highly relevant to researchers tracking comparable sales information.Without contact with the for-sale property researchers, however, theseother comparable sales researchers would typically have to wait for theinformation to arrive through other sources such as county records anddeeds.

Thus, it is advantageous to pass the completed sale information along tothe researcher tracking comparable information. However, in alarge-scale operation, it is virtually impossible to pass information ona person-to-person basis. Thus, there is a need to automate the process.

In accordance with an embodiment of the present invention, therefore, asystem automatically forwards information to other researchers whoseresearch criteria relate to that information. For example, informationon a completed building sale, which is tracked by for-sale propertyresearchers, is automatically sent to researchers tracking comparablesale information. In this way, the researcher tracking comparable salesinformation can begin research immediately following the building saleand does not have to wait to receive the deed or assessment record fromthe county.

In reference to FIG. 1, this example would include a first researcherwho collects data on for-sale properties and a second researcher whocollects data on comparable sales properties (i.e., completed sales).The for-sale researcher and comparable sales researcher would be a partof contact management system A14, and would poll data sources A10. Asthe for-sale researcher polls data sources A10 and records propertiesthat have been sold, data mining applications A12 determines that thatsale information is relevant to comparable sales information as well.Accordingly, data mining applications A12 notify the comparable salesresearcher of the update and provide the comparable sales researcherwith the related information.

The coordinated research of this embodiment demonstrates the value ofhaving a fully integrated database, which, in this instance, relates tocommercial real estate. Another advantage afforded by a comprehensiveintegrated commercial real estate database is the ability to linkcomparable sales records to current lists of tenants in particularbuildings.

In a further embodiment of data collection, FIG. 2 is a schematicrepresentation of a mobile information gathering system and relatedsystem architecture. As shown, the mobile information-collecting deviceis a truck 100 that is equipped with a GPS system 110 and a link fordata transmission (through wireless network 120, the Internet 130 and/orby express shipping 140) to the databases 200 of the system of thepresent invention which are shown at a dispatch center 170. The device(truck) 100 further includes a display screen, audio output and datainput device (here in the form of a portable computer 105), and can alsoinclude a web camera 115 that transmits a continuous “driver's eye” viewto the dispatch center 170. Other equipment includes digital camera 112,wireless telephone 114, and other computer and communication equipment.

The system is designed such that the location of the truck or othermobile information gathering device 100 at any particular instance iscorrelated to the database 200 so that information concerning propertiesin the vicinity of the truck is automatically displayed on the displayscreen located in the truck. Thus, as a truck passes a particularcommercial real estate building, information pertaining to that buildingis displayed, and the operator can determine whether additionalinformation has to be gathered or whether information obtained in thedatabase should be modified. The important thing is that the systemautomatically retrieves and displays the entirety of the currentlyavailable information so that the operator can determine if pieces ofinformation are missing or need to be updated.

As shown, in the context of the system of the present invention, themobile data gathering and dissemination vehicle 100 is coordinated by acentral system 170 for tracking and dispatch of mobile vehicles 100.Using a multiple network access and routing device 180, the systememploys least cost routing for data transfer system for transmittingdata from the mobile vehicle. The mobile data gathering anddissemination vehicle plays an important role in quality control andsynchronization of data stored in data sources by periodically verifyingand filling gaps in the data stored in the databases. The system alsocross checks data sources and prompts the input agent (whether in thefield or a central office) to make necessary changes in databasesaffected.

An important and more widely applicable aspect of the present inventionis correlation of data stored in a remote location to vehicle positionin real time. This feature is applicable in the context of commercialreal estate, residential real estate, and as part of a merchantdirectory. For example, a similar device can be used in connection withresidential real estate listings to display pertinent information anddirections to the nearest available home for sale. Likewise, the systemcould be used to display information concerning merchants within aparticular area in a noncommercial setting. For example, the GPS in apassenger car could be linked to a database that contains informationabout local merchants, such as restaurants. As the driver approachesthese restaurants, the system could display advertisements or otherinformation pertaining to the restaurants.

Thus, in accordance with the present invention, the system is able toprovide location-sensitive real estate information automatically andperform other useful tasks by correlating a vehicle's instantaneousposition to data stored in a remote database to identify geographicallypertinent information and by transmitting the geographically pertinentinformation to the vehicle, by for example displaying the information onthe display panel within the vehicle or by playing audio announcementsof the information.

In the context of commercial real estate, the mobile informationcollection and dissemination system for correlating data to a vehicle'slocation and for transmitting the data to the vehicle in real timeincludes the vehicle 100 equipped with equipment for both transmittingand receiving data. The vehicle position is preferably determined by GPSand the system links GPS data to real estate information. The systemintelligently correlates vehicle position to real estate data, retrievesthe appropriate real estate data as the vehicle travels and thentransmits information back and forth over a network, preferably theglobal information network (i.e., the Internet or web). As the vehicledrives down the street, pictures of the buildings are automaticallydisplayed on a display screen. The user need not search, because theinformation just pops up on the display screen. This information couldinclude, for example, descriptions and photographs of buildings. Thedata changes automatically as the user drives down the street. The user(in this example a field researcher) is prompted to gather and transmitinformation that is missing.

In addition to using the system of the present invention to researchproperties, the system brokers or customers could use the system suchthat as the broker or prospective tenant drives around, the informationon the property nearest them comes up. Such a system is also useful forresidential real estate brokers. Naturally, access to data and theamount of content provided must be tailored to the particular user toaddress security and market concerns. Using data available on thedatabase of the present invention, however, the system could provide avirtual tour of a commercial building. The same approach could beemployed in the residential context provided one had access to adatabase of residential property information.

Linking position data to commercial information is valuable in othercontexts as well. For example, position location information could becorrelated with information concerning commercial establishments, suchas restaurants, for advertising or directory assistance purposes. Incontext of advertising or marketing, the system intelligently correlatesvehicle position to merchant data, retrieves the appropriate merchantdata, and then transmits information back and forth over a network,preferably the global information network (i.e., the Internet or web).As the vehicle drives down the street, ads, promotions, touristinformation, or other merchant or general interest information,including pictures of the buildings, are automatically displayed on adisplay screen. The user need not search nor do anything, as theinformation just pops up. The data changes automatically as the userdrives down the street. The system operator could sell advertisements tobe displayed in cars via GPS. The information may be audio and/or avisual on a screen.

The system also stores the recent history or sequence of vehiclemovement so that the speed and the direction of movement can beascertained. Direction of movement information is useful in the realestate information gathering and display context since it helps thecentral system track, dispatch, and route mobile vehicles. Direction ofmovement information is useful in the merchantdirectory/advertising/marketing context since the direction of movementaffects the geographic desirability of commercial establishments. Forexample, if a user is driving 80 miles an hour going South, restaurantsthat are 5 miles back are not as desirable as restaurants that are 5miles ahead (establishments 5 miles East or West are also not toodesirable). Thus, as the vehicle moves, the system preferably takesspeed and direction of travel into account when correlating data such asads, promotions, tourist information, or other merchant or generalinterest information, including pictures of the buildings, with vehicleposition for display on the display screen.

The information to be retrieved and displayed to the user based on theuser's location can be stored locally with the user or transmitted tothe user from a remote database. As the display content becomes datarich, however, storing the information locally and keeping informationuniform and current becomes difficult. For this reason, transmissionfrom a remote repository is preferred whenever sufficient transmissionbandwidth is available.

Linking position data to commercial information is also useful incontexts other than the mobile vehicle. The system could be used totransmit location sensitive real estate information to a user's PDA orlaptop computer, for example. For example, PDA's such as those made byPalm™ will soon have both a GPS capability and a data transmissioncapacity. Using the system of the present invention, information couldbe retrieved from the database of the present invention and displayed onthe user's PDA or laptop computer based on the user's location. Theinformation can be stored locally with the user or transmitted to theuser from a remote database. For example, a user in Loudoun Countyinvestigating a property, looking at 5 or 6 adjoining parcels could havea Palm VII telling the user who owns the parcels around where the useris standing, who the tenants are, what the rent is, and what the salepoints are.

III. System Operation

FIGS. 3-17 are slides that graphically depict the commercial real estatemarket and the process for transactions within that market, to providethe context in which an embodiment of the present invention operates.

Referring now to FIGS. 3 through 17, FIG. 3 shows the electroniccommerce segments involved in commercial real estate. Specifically,there is a need for leasing information, sale information, industrynews, comparable sales information, tenant information, information formarketing to professionals, and information for marketing tocorporations and software. These will be described below. Concerning“for sale information,” the information will list what types ofbuildings are for sale. Concerning leasing information, the informationpertains to buildings that are available for lease or to space withinbuildings that are available for lease. Concerning industry news, theinformation can be any of a wide variety of information that providesindustry professionals with news that they need. Concerning tenantinformation, information will relate to the needs and financialcharacteristics of commercial real estate tenants. Analytic informationrelates to the types of information that real estate investors orlandlords use to assess the market and the value of any particularproperty.

The commercial real estate market is enormous. Within the United Statesalone, the collective value of commercial real estate assets isestimated to be in excess of $4 trillion dollars. Approximately onehundred thousand building sale transactions occur each year. The valueof these transactions is estimated to exceed $300 billion. Everytransaction involves multiple parties. Notwithstanding the enormity ofthis market, the prior art system for facilitating these transactions isenormously inefficient.

As shown in FIG. 4, the current prior art inefficiencies in the marketinclude the fact that only a fraction of the real audience ever sees anyparticular property. In particular, the conventional way of sellingcommercial real estate is through buyers' brokers representing thebuyers, and sellers' brokers representing the sellers. Unlike the saleof single family homes, the availability of high-value commercial realestate is not widely advertised. This is because of the way thathigh-value commercial real estate properties have typically beenmarketed in the past. In particular, when a seller's broker is preparedto offer a seller's building, the seller prepares a lengthy offeringdocument and distributes the lengthy offering document to a very smallgroup of select potential purchasers. These potential purchasers may bethought of as being within the inner circle of the seller's agent. Thispractice is so prevalent that if a potential buyer or buyer's brokerreceives a building offering from a broker and the buyer's broker orpotential investor knows that they are not within that sellers broker'sinner circle, they will assume that all potential buyers within thesellers broker's inner circle have passed on the building and that themere receipt of the building offering indicates a building value that istarnished in some way.

Other inefficiencies in the current prior art way of selling commercialreal estate include the fact that there is a significant marketingexpense involved since the marketing involves preparation of lengthydocumentation and because the system in place is not highly automated.

Another inefficiency in the prior art is a basic economic inefficiencyof the market. Because the number of bidders is limited, the price islower than it might otherwise be if all possible bidders or a greaternumber of bidders were allowed to bid on the property. In addition, thecurrent system is inefficient because it is very time-consuming.Moreover, there is too much risk and expense for the buyer, and buyerssee only a fraction of their options.

The commercial real estate process will now be described beginning withthe conventional prior art process for leasing transactions. As shown inFIG. 5, from the vantage point of the prospective tenant, the leasingtransaction is basically decided based upon three considerations: 1) DoI like this location? 2) Do I like the building? and 3) Can I affordthis rent? As shown in FIG. 6, the main tool used to convey a space fora lease opportunity is a one-page flyer. Thus, the conventional priorart marketing approach for marketing a property for leasing is todistribute 300 to 500 one-page flyers locally, as shown in FIG. 7.

In contrast, the prior art investment sales process is considerably morecomplex. To begin with, there are many more considerations as summarizedon FIG. 8. These include: 1) Is this the right type of property?; 2) Dowe invest in properties in this area?; 3) Is this building leased upenough?; 4) When do the tenants' leases expire?; 5) Are these goodcredit tenants?; 6) Does this building have enough income?; 7) Whenthese tenants' leases roll, will I get good rents?; 8) Does this markethave a low vacancy rate, such that I can re-lease quickly?; 9) When Ihave to re-lease, who will my competitors be?; 10) Based on other salesin this area, is this a fair price?; 11) What multiple revenues areother buildings selling for?; 12) Can I get reasonable financing forthis property?; 13) Will the seller accept an offer of $35 million?; 14)Will the seller accept these legal terms of sale?; and 15) Did myengineers find structural or environmental flaws? Because of thecomplexity of issues that must be considered, the main tool used in theprior art to convey a major commercial property investment saleopportunity is the investment package, which typically is a document onthe order of 100 pages, as shown in FIG. 9.

FIG. 10 shows the relative comparison between commercial leasing andinvestment sales. As noted before, in the case of commercial leasing,the main tool is a one-page flyer that typically costs $1.00 to $3.50per copy. In contrast, the main tool for investment sales, i.e., theinvestment package, costs between $125.00 and $250.00 per copy. Thedistribution of these books is very different, as well. In particular,as shown in FIG. 11, if one wishes to sell a particular building, thebooks are distributed to a group of 30-50 sophisticated real estateinvestors and brokers internationally.

Consequently, only several dozen buyers from a universe of thousands geta copy of the “book,” i.e., the investment package, as graphicallyillustrated by FIG. 12. The select few buyers from the universe ofthousands that get a book are typically referred to as the inner circleof the seller's agent as shown in FIG. 13. The remaining universe ofpotential buyers that are not selected, i.e., that are not in the innercircle of the seller's agent, are referred to as the outer circle, asgraphically illustrated in FIG. 14.

As alluded to earlier, a distinctive characteristic of the commercialreal estate industry is what happens if a broker or investor in theouter circle learns that the building is for sale as graphicallyillustrated in FIG. 15. In this instance, the property is immediatelytarnished and the value of the property is reduced. This is because thepractice of distribution of the investment book to only those buyers,agents, or investors within the broker's inner circle is so prevalentthat, if a buyer's broker or investor that is not in the seller'sagent's inner circle receives a copy of the book, they will assume thatall of the individuals in the inner circle have passed on the propertyand, for that reason, the property is tarnished, and the value isreduced. Thus, for acceptance within the commercial real estatecommunity, the present invention includes a secure way of controllingdistribution.

FIG. 16 shows an example of the table of contents of a prior artinvestment book for a high-value commercial property. As shown therein,the investment book typically includes an investment summary, a propertydescription, a market overview, a competitive leasing analysis,information concerning comparable sales, information concerning tenancy,and a financial analysis. In a conventional setting, all of thisinformation is supplied by the seller—an interested party. Because theseller has an interest in selling the property, this information isnaturally suspect. Thus, notwithstanding the tremendous amount of effortthat is necessary to compile the information, the information isultimately of little value to a potential buyer, and must be verifiedwith an objective provider of real estate information, or independentlyverified.

FIGS. 17-34 are slides that graphically depict an embodiment of thesystem and method for collection and distribution of informationaccording to the present invention. This system and method operatewithin the above-described commercial real estate market andtransactional process.

An important aspect of the present invention is the provision ofnetworked databases that can provide much of the information required inthe investment book. FIG. 17 illustrates networked databases of anembodiment of the present invention correlated to the typical contentsof a prior art investment book.

Referring to the graphical depiction in FIG. 18, the system of thepresent invention will now be described. In the figure, the system ofthe present invention is referred to as COSTAR EXCHANGE™. COSTAREXCHANGE™ is a system that allows owners to list their properties forsale on an Internet website at no cost. A generation of the product isderived from a master database, incorporating much of the data from, forexample, tenant and property databases, but emphasizing the salesprocess as opposed to the listing process. Emphasized informationincludes tenant information, leasing information, and income and expensedata.

The system, i.e., COSTAR EXCHANGE™, is intended as a tool forfacilitating commercial real estate transactions of various forms, asillustrated in FIG. 18. In particular, the system can facilitatetransactions between owners' and buyers' brokers, transactions betweenowners' brokers and buyers' brokers and transactions between owners'brokers and buyers. The system currently contemplated would not be usedto facilitate direct owner to buyer transactions, as indicated by thearrow passing directly from owners to buyers that that does not involvethe COSTAR EXCHANGE™.

In accordance with the present invention, the system operator, in thiscase, COSTAR, maintains a database. The database is preferablyaccessible through the global information network, i.e., Internet orweb. In accordance with the invention, property owners list theirproperties for sale in COSTAR's database without being charged. Asindicated in FIG. 19, owners list properties in the database typicallythrough a seller's broker that has a trusted relationship with thesystem operator of the COSTAR EXCHANGE™. Indeed, for properties worthmore than $5 million, there is preferably a contractual arrangementbetween the system operator and the seller's broker specifying, amongother things, a non-disclosure agreement. In the system of the presentinvention, the system operator designates a team leader to interact witheach of the seller's brokers.

For certain properties, it is critically important that distribution ofthe information pertaining to the property be strictly limited. To mostclosely replicate the conventional system under which the seller'sbroker has complete control over to whom the property is “shown,” thesystem includes means for limiting distribution of information on thewebsite. More particularly, the seller's broker that has listed theproperty has complete control over who has access to the informationpertaining to the property that they have listed. In one embodiment, theseller's broker works with the team leader to designate individuals thatare to receive the information pertaining to the property. This wouldtypically be those buyers or brokers within the “inner circle” of theseller's broker.

As shown in FIG. 20, the seller's broker has designated five qualifiedbuyers to receive access to the information on the website. Often, thesequalified buyers are not subscribers to the general listing features ofthe system, and, therefore, do not have the ability to learn of theproperty listing on the system.

Once the seller's broker designates the qualified buyers, the systemoperator sends to the qualified buyers, preferably by overnight courier,an electronic ID, along with instructions for accessing the system. Thequalified buyers use the electronic key to gain access to propertylisting.

Optionally, before the qualified buyers are allowed to view theinformation pertaining to the property, the system requires thequalified buyers to first enter into a confidentiality agreement.Preferably, the qualified buyers enter into the agreement byelectronically executing and submitting an online confidentialityagreement as indicated in FIG. 21. Executing and submitting theconfidentiality agreement could occur, for example, by clicking-throughan “accept” button for an agreement posted online or by exchangingelectronic documents having electronic signatures. Upon receipt of theexecuted confidentiality agreement, the system operator allows qualifiedbuyers to access the information pertaining to the property, using theelectronic key as described hereinafter. FIG. 22 graphically indicatesthat the qualified buyers now have access to the system by showing thebuyers with their blindfolds removed.

In accordance with another aspect of the present invention, the systemoperator has a plurality of clients (i.e., subscribers), who presumablyare paying for access to information on the COSTAR EXCHANGE™. Theseexchange clients are active buyers and brokers of buyers of investmentproperties. Since COSTAR EXCHANGE™ preferably lists a wide variety ofproperties, including many properties that are not subject to theconfidentiality concern, these exchange clients are assumed to routinelyquery the system for properties meeting certain descriptions, and,indeed, the system allows such queries.

In accordance with an important aspect of the present invention, when aconfidential property meets the needs of one of these exchange clients,that fact is indicated in a general way without providing informationthat would allow the exchange client to easily identify the specificproperty. In other words, the exchange client is notified that there isa property in a particular city meeting the exchange client'srequirements, but he is not told what that property is or who theseller's broker is. As clients of COSTAR, however, exchange clients allhave access to the system as indicated by the graphical depiction of theID key. Thus, in FIG. 22, the exchange clients are shown as a secondring of potential buyers that do not yet have access to the specificinformation concerning the building, as indicated by the blindfolds, butcan learn of its existence.

In accordance with an important aspect of the present invention, if oneor more of the clients are interested in learning more about theproperty, they can indicate their interest through e-mail or alternativecommunication directed to the system operator. The system operator willthen forward the inquiry to the seller's broker so that the seller'sbroker can determine whether or not the particular client will receiveaccess to the information. In the example shown in FIG. 22, the seller'sbroker, in response to the query, has determined not to disclose thedetails of the property to the exchange client that requestedinformation. This “no” answer is conveyed, by the system operator, tothe exchange client that raised the request, as indicated by arrows inFIG. 22. The system, therefore, does not divulge the property listing tothe denied client.

FIG. 23 shows an alternative arrangement in which the seller's brokerhas indicated “yes” to the request for information. In response to this“yes” indication, the system operator grants the accepted client accessto the property listing.

Optionally, before the system grants the accepted client access, thesystem provides the newly authorized potential buyer with aconfidentiality agreement. After executing and submitting theconfidentiality agreement, the system allows the newly authorizedpotential buyer to access to the listing for that property. Preferably,the newly authorized potential buyer enters into the agreement byelectronically executing and submitting an online confidentialityagreement. Executing and submitting the confidentiality agreement couldoccur, for example, by clicking-through an “accept” button for anagreement posted online or by exchanging electronic documents havingelectronic signatures.

FIGS. 24 and 25 illustrate this aspect of the present invention. FIG. 24shows, graphically, the confidentiality agreement being provided to thenewly authorized buyer. FIG. 25 shows that having executed and submittedthe confidentiality agreement, the newly authorized buyer moves into theinner circle and has his blindfold removed so that he can see theinformation. In this way, the pool of qualified buyers can be greatlyincreased, but the seller's broker still maintains complete control overwho is allowed to see the listing. Thus, the present invention allowsthe seller and seller's brokers to access a far greater pool ofqualified buyers without the highly undesirable act of distributing theinformation to all interested parties.

It will naturally be appreciated that this system of informationdistribution is useful in contexts other than the commercial real estatecontext, such as purchases of business enterprises.

In accordance with yet another aspect of the present invention, thelistings on the system are made available not only to qualified buyersand clients of the system, but to all potential buyers so as toencompass an extremely wide pool of potential buyers.

In an embodiment of the present invention, the pool of potential buyersthat are not clients of the system is given limited access to thedatabase and can be allowed more detailed access on a pay-per-viewbasis, for example. As indicated in FIG. 26, this large pool of buyersdoes not have detailed access to the listing, but could be allowedaccess, or the opportunity to gain access to learn of the existence ofthe listing. The lack of detailed information, is, again, indicated bythe blindfold on the depiction of the potential buyer in FIG. 26.

In accordance with an embodiment of the present invention, the more widespread dissemination of the information may be delayed for a period oftime to allow preferential access to persons within the seller's innerring, or to exchange clients. This is not required, however, and thepool of potential buyers could be extended immediately.

As shown in FIG. 27, through COSTAR EXCHANGE™, the existence of alisting, without the details of the listing, is disseminated to theentire pool of potential buyers as shown by the broken arrows. Anyinterested buyers can send an expression of interest or a request forinformation query back to the COSTAR EXCHANGE™, and, since thesepotential buyers are not current clients, the system operator obtains aprofile of the potential buyers and transmits the request along with theprofiles to the sellers brokers for a determination of which, if any, ofthe requesting potential buyers should receive access to theinformation.

As before and as shown in FIG. 28, for those buyers to which theseller's broker has authorized distribution of the information, a packetcontaining an ID key is sent to the potential buyer. As shown in FIGS.29 and 30, after first executing and submitting confidentialityagreements (if so required), these potential buyers are moved into theinner circle of qualified buyers who can obtain access to propertyinformation. FIG. 30 depicts these potential buyers moved into the innercircle with their blindfolds removed. In this way, the entire pool ofpotential buyers can be brought into the bid process, but only to theextent authorized by the seller or seller's broker.

It should be apparent that the system of the present invention providesnumerous benefits and creates great efficiencies in the commercial realestate market.

The benefits to the seller or seller's broker include the fact that thelisting service is free. In addition, the distribution of informationleading to their property is highly secure and controlled closely, andis at the seller or seller's broker's complete discretion. In addition,the system broadens the reach of their offering without tarnishing thevalue of the offering. The system also allows the development of aprivate buyer network, i.e., allows the seller's broker or seller toincrease their inner ring of buyers by identifying new qualified buyerswith whom the seller's broker or seller may not have previously had arelationship. In addition, the system greatly accelerates thetransaction and brings buyers that are more qualified into the system,which is likely to provide a more competitive market for the seller and,thus, bring the seller a higher price. The benefits are summarized inFIG. 31.

As indicated in FIG. 32, the system also provides benefits to qualifiedbuyers. In particular, in the current system, the qualified buyer mayhave access to only the properties of select agents that place thatqualified buyer into their inner circle. And, in connection with thepresent invention, the persons within a particular participatingseller's inner circle are allowed access to a single property on COSTAREXCHANGE™. However, there is a great benefit for potential buyers tobecome clients of the system, in that they will have access to over40,000 properties.

There are numerous possible sources of operating revenue for the systemoperator using the system in the present invention. In particular, assummarized in FIG. 33, the system operator can obtain revenue through asubscription service by charging for access to the system. In addition,the system operator can obtain revenue through banner advertising andlender referral fees. In addition, the system operator could obtainrevenues through buyer/seller matching fees, click-through revenue, andfees for enhanced listings on the database. Also, the system operatorobtains value through information posted onto the system since itmemorizes the cost of independently obtaining such data.

In accordance with the present invention, the ID key (shown in FIG. 34)includes a unique serial number printed on the back and generates asix-digit password that changes at a predetermined frequency, preferablyonce every minute. Thus, the user's ID is always changing so that itprovides a high level of security.

The system of the present invention also facilitates mortgage lending.For example, using the information concerning the buildingcharacteristics and the information concerning prospective borrowersthat is maintained within the system, the system facilitates matchingborrowers with lenders. Alternatively, the system can list all availablelenders, either generally or only those lenders that are willing toborrow money from a particular property, and the borrower can click on aparticular lender and obtain information or submit information for loanpre-approval. In addition, the system functions as a due diligence toolfor lenders, providing the information necessary to determine whether toprovide a loan to buy a building, based on information about thebuilding.

As a further aspect of the present invention, a lending product isprovided on COSTAR EXCHANGE™ that lists every lender that CoStar tracks.The present invention enables customers to click on a lender's name inthe list to request a free package of materials free from that lender.COSTAR EXCHANGE™ facilitates this communication between the customer anda prospective lender.

The remaining figures illustrate a graphical presentation anddescription of the present invention, as well as a series of screenimages presented during operation of the invention. The screen imagesprovide a self-evident and exemplary description of the flow through thesystem by a user as detailed hereinafter.

IV. Website Operation

In one embodiment, the website operates in the following manner. Throughan Internet connection provided by an Internet service provider, a userenters the Internet address of the present invention to access thewebsite of the present invention. To ensure secured access, the websitepresents the user with a login page, requesting a user name andpassword. Once the user enters an authorized user name and password andagrees to the Terms of Use, the website presents a homepage, as shown inFIG. 35, with the following features. One section of the homepageincludes a menu 100 with labeled buttons, such as ‘News,’ ‘MarketTrends,’ ‘Events,’ ‘Products,’ ‘Company Information,’ ‘Stockholders,’‘Technical Support,’ ‘Contact Us,’ ‘Employment,’ and ‘Site Map.’ Byclicking on a button, a user can obtain more information and furthersub-menus on the labeled topic. Another section of the homepage listssummaries of news articles 102 related to the commercial real estateindustry. In this section, the homepage provides additional buttons andlinks to further information concerning the news articles. The finalsection of the homepage presents a group of structured tabs 104 that auser can click through to access the functions of the present invention.The structured tabs subdivide the functions of the present inventioninto four categories: (1) For Sale, (2) For Lease, (3) Tenants, and (4)Sale Comps.

Under the For Sale structured tab, a user has three primary functions106 and several secondary functions 108. The primary functions 106 arerepresented by buttons through which the user can click to access thefunctions. The three primary functions are Lookup Property, SearchDatabase, and Add Listing. The secondary functions include, but are notlimited to, Saved Searches, Alerts, Membership, Professional Profile,Demonstration, Frequently Asked Questions (FAQ), Confidential Listings,Buyer-Seller Match, Forms & Contracts, and Help.

By clicking through Saved Searches, a user can view a list of searchesthat were previously saved, as shown in FIG. 36. The list includes adescription of the search, the date and time the searches were created,and whether or not an alert notification was activated (to be describedbelow). A user clicks on the description of the search to view theresults of that search. A user can also change the alert notification ofa search by clicking the check box on the list. Finally, a user candelete a search by clicking on a delete button (not shown).

Returning to the homepage, under the For Sale structured tab, clickingon the secondary function Alerts presents the user with that user'sAlert settings as shown in FIG. 37. The present invention monitors thesaved searches and alerts a user when new listings are added that matchthe existing saved search criteria. There are four Alert settings: (1)an on/off indicator to activate or deactivate the Alert feature, (2) thenumber of saved searches being monitored and which individual searchesare being monitored, (3) the e-mail address to which the Alerts aresent, and (4) frequency with which alerts are sent (e.g., once per day).From the Alert Setting page, a user can click on the appropriate buttonsfor each of these settings to change them as desired.

Returning again to the homepage, by clicking through the secondaryfunction Membership, a user can view his or her membership status. Alsofrom the homepage, by clicking on the Professional Profile secondaryfunction a user can access her professional profile, as shown in FIG.38, which includes information that the present invention uses tocustomize operation of the website according to a user's particularprofessional background in commercial real estate. The profileinformation is used to alert the user to new or updated properties ofthe website operation, which the user might find useful. On theProfessional Profile page, the present invention presents various dataentry fields prompting for such information as the user's name, title,company website, business e-mail address, and other contact information.The Professional Profile page also asks for information describing theuser such as the type of customer the user is (e.g., owner, individual,investor, corporate, or seller), the type of property the user istypically interested in purchasing, the investment range the useranticipates, the type of financing the user will use (leveraged or allcash), the locations in which the user is interested, recenttransactions completed by the user, and the annual transaction activitytargets of the user. The Professional Profile page also enables a userto indicate interest in subscription membership, listing properties, andbanner advertising.

Returning to the homepage, under the For Sale structured tab, a user canclick through the Demonstration button to view an example operation ofthe website for tutorial purposes. Also from the homepage, a user canclick through the Frequently Asked Questions, or FAQ button, to viewmore information for tutorial purposes.

From the homepage, under the For Sale structured tab, a user can clickthrough the Confidential Listings button to view real estate informationmaintained in secured access. After the Confidential Listings button isclicked, the website presents a Proprietary Listing Information accesspage, as shown in FIG. 39. The website maintains secured access to theproprietary listings. A user must enter a valid password and have aprofessional profile on file. In this manner, the present invention canforward the user's (potential buyer) information to the listing entityto initiate the unique buyer-seller matching feature. Once the userenters a valid password, the website displays a Request Pending screen,as shown in FIG. 40, and contacts the listing entity to request accessfor the user/buyer. As shown in FIGS. 41 and 42, the website returns aresults page indicating whether the listing entity has approved theuser's/buyer's request. FIG. 41 shows access that has been limited,while FIG. 42 shows access that has been withheld. If access isapproved, admitting the buyer into the “inner-circle,” the websitepresents the subject property on a Property Details page (describedbelow).

Also from the homepage under the For Sale structured tab, a user canclick through the Buyer-Seller Match button to view real estate listingsthat match buyer criteria or seller criteria. Also from the homepage, auser can click through the secondary function of Forms & Contracts toview, download, and print standard documents used in the commercial realestate industry. This feature also autopopulates the documents withappropriate buyer, seller, and proprietary information.

Finally, under the secondary functions listed on the homepage under theFor Sale structured tab, a user can click on the Help button to receivetechnical information concerning the operation of the website as well asadministrative information concerning enrollment in the use of thepresent invention.

Turning attention to the primary functions of the For Sale structuredtab, by clicking on the Lookup Property button on the homepage, a usercan search for a particular property. After clicking through thisbutton, the present invention presents a Property Lookup page, as shownin FIG. 43, which asks for the property address, property name, listingnumber, building park, city, sub-market or listing company of theproperty to be found. The Property Lookup page also asks the user forthe state in which the property is located. As an example of a propertylookup, a user can enter the name “Park Place” in the data entry fieldfor the property name. Then, when the user presses a Get Results button,the website returns a property lookup results list listing (FIG. 44) allof the properties in the database with the name “Park Place.” Theproperty list includes information such as address, city, state, price,square foot size, price per square foot, cap rate, and type of property(e.g., office, industrial, and land). As an example of another propertylookup, to narrow the search, a user could specify the state in which“Park Place” property resides, for example, New York. With this searchcriteria, upon clicking through the Get Results button, the user wouldview a property lookup results list containing only the entry that reads“790 Park Place, Long Beach, N.Y.” in FIG. 44. After entering the searchcriteria and viewing the property lookup results list, a user candouble-click on a property listing to obtain the details about thatproperty, including an overview of the property, financial information,tenant information, market statistics, comps, and a map of the area inwhich the property resides. During operation of the property lookupfunction, the present invention provides a menu on the screen forongoing options such as Return to Homepage, Print Results, or Enter aNew Lookup Criteria.

Returning to the homepage under the For Sale structured tab, the secondprimary function is Search Database. After clicking on the SearchDatabase button, the user activates a series of web pages that executethe search function of the present invention, beginning with the pageshown in FIG. 45. The search function is broken down into six steps bywhich a user enters search criteria and receives results. Each web pageof the search function presents six buttons 1102 that can be clickedthrough to access the six steps of the search function. Each web pagealso includes general function buttons 1104, including a button toreturn to the homepage, a New Search button, a Saved Search button, aResults button, a Help button, and a Go to the Next Step button. The sixsteps of the search function include five steps for entering searchcriteria and a sixth step for obtaining the results of the search. Thesearch criteria for steps one through five include property, location,price, size, and market. The general function buttons 1104 can beactivated during any step, such that, e.g., a user can specify searchcriteria for only the first two steps, and then can skip directly toobtaining results. Also, a user can skip back and forth between steps torevise information (the steps do not have to be completed in order).

The web page corresponding to Step One, Property Type, presents sixoptions or categories of property types from which to choose. Theseproperty types include office, industrial, retail, hospitality,multi-family, and land. From this Step One page, the user has the optionof selecting a property type by clicking on one of the six categories ofproperty types or skipping the selection of a property type by clickingon the Location button or the Go to the Next Step button.

The web page corresponding to Step Two of the search function (FIG. 46)asks the user to select a geographic method by which to search thedatabase or to select the option of conducting a global search. Thegeographic methods by which a user can search the database includesearching by region, state, market, county, city, or sub-market. Theuser can proceed to the next step of the search function by clicking onone of the six categories of geographic search methods, by choosing toconduct a global search, or by skipping a preferred geographic searchmethod by clicking on the Step Three Price button or the Go to the NextStep button. If the user chooses to use a geographic search method, thewebsite presents another page asking for more detail on that searchmethod. For example, if the user chooses to conduct a regionalgeographic search, the present invention presents a map showing eachregion, as shown in FIG. 47. The user clicks on a region to narrow thesearch to within that region. Similarly, for the state, market, county,city, and sub-market categories, a user chooses a particular state,market, county, city, or sub-market to narrow the search. Afterselecting a geographic method by which to search the database orselecting a global search, the user moves on to the next step of thesearch criteria: Step Three Price.

Step Three of the search criteria allows a user to specify the financialconditions for the search. The user can choose both high and low rangesfor the price categories or just one condition. As shown in FIG. 48, theprice conditions are broken down into four categories: key indicators,annual income values, financing, and assessed values. Under keyindicators, the user can specify a sale price, a price per square foot,and a cap rate. Under annual income values, a user can specify grossincome, net operating income, and pre-tax cash flow. Under the financingheading, a user can specify down payment, loan amount, and loan paymentin either annual or monthly terms. Under the assessed values subheading,the user can specify assessed land value, assessed improvement, andtotal assessed value either in total amounts or per square foot. Alsounder the assessed values subheading, the user can specify the ratio ofland to improvements and the ratio of asking price to assessed value.Once the user has chosen values for the price conditions or has chosento skip Step Three, the user proceeds to Step Four by clicking on the Goto Next Step button or the Step Four button.

As shown in FIG. 49, the web page for Step Four enables the user tospecify the size and features of the property for which the user issearching. The data entry fields for this search criteria are brokendown into the subheadings: size, characteristics, and company. Under thesize subheading, the user can specify the total rentable space in squarefeet, the typical floor size in square feet, and the number of stories.Under characteristics, the user can specify the year built, the yearbuilt or renovated, the total available square feet, the percent leased,the asking rental rates per square foot, the building class (e.g., A, B,or C), the type of use (e.g., income property or owner/user), theoccupancy type (e.g., multi-tenant or single tenant), the buildingstatus (e.g., existing, under construction, or proposed), and whether toinclude flex buildings in the search. Under the company subheading, theuser can specify the listing brokerage company and thereby limit thesearch to that company. Once the user has entered the desired data intothe web page of Step Four, the user proceeds to Step Five by clicking onthe Go to Next Step button or clicking on the Step Five button.

The web page for Step Five, as shown in FIG. 50, enables a user tospecify the market conditions of the user's desired property. Thesemarket conditions are broken down into three subheadings: vacancy andabsorption, inventory ratios, and inventory. Under the vacancy andabsorption subheading, a user can specify the vacancy rate in a regionor submarket, the point increase in the last 12 months in a region orsubmarket, the point decrease in the last 12 months in a region orsubmarket, the 12 months' gross absorption in a region or submarket, the12 months' net absorption in a region or sub-market, and finally, theasking rental rates per square foot in a region or submarket in annualor monthly terms. Under the inventory ratios subheading, a user canspecify the ratio of net absorption to inventory in a region orsubmarket, the ratio of gross absorption to inventory in a region orsubmarket, and the ratio of under construction to inventory in a regionor submarket. Under the inventory subheading, a user can specify thetotal building inventory in square feet in a region or submarket, theaverage building size in square feet in a region or submarket, thenumber of buildings in a region or in a submarket, and the underconstruction in square feet in a region or submarket. Once a user hasentered the desired values in the data entry fields of the Step Five webpage, the user can return to other steps by clicking on those buttons orcan proceed to Step Six to obtain the results for the search criteria.From the web page for Step Five, a user can access Step Six by clickingon the Get Results button or by clicking on the Step Six button.

The web page for Step Six lists the results of the search in the form ofa table, as illustrated in FIG. 51. The table includes column headingssuch as address, city, state, price, square foot size, price per squarefoot, cap, and class of property.

The web page for Step Six, as with the other steps, also provides theuser with the function buttons including Return to Homepage, New Search,Save Search, Add Property, Remove Property, and View Details. The NewSearch button enables a user to return to Step One of the searchfunction to choose new search criteria. The Save Search button enables auser to save the search criteria to be accessed, reviewed, and executedagain later. In addition, by saving the search criteria a user canestablish an alert notification that automatically notifies the user ofa new listing that satisfies that search's criteria. FIG. 52 shows theSaved Search page displayed to a user who clicks through the Save Searchbutton. The Saved Search page prompts a user for a file name and whetheralert notification should be activated for the saved search.

The Add Property button (FIG. 51) enables a user to add a property tothe search results table that did not initially meet the search criteriabut which the user would like to add to the list for comparisonpurposes. The Remove Property button enables the user to removeproperties that did satisfy the search requirements but that the userhas determined to be undesirable. Finally, a user can obtain details ona property listed in the search results table by either highlighting theproperty and clicking on the Get Details button, or by double-clickingon the entry in the table. The web page for Step Six also provides aPrint button that enables a user to print out the search result table.

Once the user has chosen to view details on a particular property, thewebsite presents an overview page (FIG. 53) listing general informationabout the property, photographs of the property, three dimensionalimages of the property, and maps of the area in which the property islocated. The overview page is one tabbed page of six tabbed pages thatare presented as part of a Property Details page. Each tabbed page has astructured tab. The structured tabs include Overview, Financial,Tenants, Market, Comps, and Map.

Under the Overview structured tab, the general information on theproperty is broken down into eight subheadings including investmentsummary, highlights, property description, assessment value, location,building team, transaction guidelines, and “presented by.”

Under the investment summary subheading, the Overview web page listssuch data as the price, price per square foot, cap rate, percent leased,building size, land area, year built, and sale status of the property.

Under the highlights subheading, the Overview web page provides anarrative describing the principal selling points of the property.

Under the property description subheading, the Overview web page listssuch data as the building size, number of floors, typical floor size,core factor, elevators, building class, land area, lot dimensions,building FAR, zoning, percent leased, available space, vacant space,number of tenants, average tenant size, parking ratio, open parking,covered parking, parking spaces, and parking rates. This section alsoprovides an area for a description of special qualities of the property.

Under the assessment value subheading, the Overview web page lists suchfigures as land assessment, improvement assessment, total assessment,property tax rate, annual property tax, and property tax per squarefoot.

Under the location subheading, the Overview page lists the property'smetro market, county, submarket, and zip code. This section alsoprovides the map book and page on which to find the property, theblock/lot of the property, and the parcel number. This section alsoprovides an area for narrative comments about the location.

Under the building team subheading, the Overview page lists suchinformation as the property manager, the developer, the architect, and acontact person in charge of the building information.

Under the transaction guidelines subheading, the Overview page listssuch data as the sales status, marketing, final offers, contractsigning, closing, active date, last update, and days on market.

Under the “presented by” subheading, the Overview page lists suchinformation as the contact information for the broker or partyresponsible for listing the property.

As shown in FIG. 54, under the Financial structure tab of the PropertyDetails page, the information is broken down into four subheadings:financial overview, financial worksheet, income and expense, andexisting financing. Under the financial overview subheading, theFinancial page lists such data as the price, the price per square foot,the use, and the cap rate. Under the financial worksheet subheading, theFinancial page lists such data as the down payment, the new loan, thenet operating income, the loan payment, the pre-tax cash flow, theprice, cap rate, down payment, the interest rate, and the loan termalong with a Calculate button. Under this subheading, a user can changea field in the worksheet and click the Calculate button to refresh thevalues in each of the fields. In this manner, the present inventionenables a user to enter different financial criteria to determine theimpact on price terms, loan terms, and cash flow.

Under the income and expense subheading, the Financial page lists suchdata as the gross income, other income, vacancy allowance, operatingexpenses, net operating income, loan payment, pre-tax cash flow, currentasking rent per square foot, estimated average rent per square foot,taxes, insurance, utilities, wages, maintenance, management,miscellaneous reserves, total estimated expenses, and estimated expensesper square foot.

Under the existing financing subheading, the Financial page lists suchinformation for the existing financing as lender, loan payment, duedate, loan amount, interest rate, and loan term.

As shown in FIG. 55, under the Tenant structured tab of the PropertyDetails web page, the information is broken down into the subheadings:tenants tracked, tenant analysis, and tenant notes. Under the tenantstracked subheading, columns of information include suite, tenants,occupancy square foot, building percentage, industry, expires, andestimated rent. The suite column lists the suite a tenant occupies. Thetenants column lists the name of the tenant. The occupancy square footcolumn lists the number of square feet the tenant occupies. The buildingpercentage lists the percentage of space in the building that the tenantoccupies. The industry column lists the type of business the tenant runs(e.g., health, media, and legal). The expires column lists the date thelease expires for the tenant. The estimated rent column lists theestimated rent the tenant is paying.

Each row under the tenants tracked subheading lists information forindividual tenants. At the bottom of the list of tenants are totals forthe entire building including tenant subtotals, unspecified tenants,vacant space, and total building. In this manner a user can convenientlydetermine the percentage of space leased in the property, the percentageof unspecified tenants leasing space in the property, and the totalspace leased by the listed tenants.

Under the tenant analysis subheading, the Tenant web page lists thenumber of tenants in the building, the average tenant size, the averagelease term, the estimated average rent per square foot, the totalpercent occupied, the estimated rollover in the next 12 months, theestimated rollover in the next 36 months, and the current asking rentper square foot. Alternatively, the tenant analysis subheading alsolinks Dunn & Bradstreet™ ratings and information.

Under the tenant notes subheading, the Tenant web page lists anyrelevant narrative information about the tenants.

As shown in FIG. 56, under the market structured tab of the PropertyDetails web page, information is presented under three subheadings:size/vacancy, inventory/absorption, and price/rate. The informationunder the Market structured tab enables a user to compare the commercialviability of the property against similar properties in the same regionand state. Under the size/vacancy subheading, the Market web pagepresents such data as the number of buildings, the total rentable space,the average building size, the average tenant size, the average buildingage, the percent leased, the number of available spaces, the totalavailable space in square feet, the average available space in squarefeet, the vacant space in square feet, the average vacant space insquare feet, the vacancy rate, the vacancy YAG, and the vacancy rate v.the YAG.

Under the inventory/absorption subheading, the Market web page listssuch data as the total existing space in square feet, the square footageunder construction, the square footage under renovation, the squarefootage proposed, the total rentable space in square feet, the 12 monthgross absorption in square feet, and the 12 month net absorption insquare feet.

Under the price/rate subheading, the Market web page lists suchinformation as the average asking price per square foot, the averageasking rent per square foot, the average asking rents YAG, and the rentcharge v. YAG.

As shown in FIG. 57, under the Comps structured tab of the PropertyDetails web page, the present invention lists sale properties comparableto the subject property. The Comps web page includes summaries of eachcomparable sale property with a thumbnail picture 2302 and a button 2304the user can click to obtain full details on the property. Each summaryincludes such information as the address of the property, the buildingclass size, the building size, the number of floors, the year built, thebuyer, the sale price, the price per square foot, the cap rate, and thesale date. In addition, the summary includes the distance the comparablesale property is located from the subject property. The Comps web pagealso lists a series of buttons 2306 at the top of the page correspondingto each category listed in the comparable sale property summaries. Bypressing one of these buttons, a user can sort the comparable propertiesby the summary category corresponding to that button. Thus, for example,if a user wishes to sort the comparable sale properties by theirdistance from the subject property, the user would click the Distancebutton. To view a full-sized picture of the sale property, a user simplyclicks on the thumbnail picture. To open the Properties Details page fora comparable sale property, the user simply clicks on the Full Detailsbutton for that property. In addition, in a further preformedembodiment, the comps structured tab includes a summary of the subjectproperty to enable side-by-side comparisons with comparable propertiesby summary categories.

As shown in FIG. 58, under the Map structure tab of the Property Detailsweb page, the present invention provides maps, pinpointing the locationof the subject property with an icon or other indicator. The Map webpage also lists the address, the city, the county, and the submarket ofthe property. The maps give the user the ability to view the overallregion in which the property is located, as well as the ability to zoomin and out on the map of the property.

Optionally, the map displays the locations of other for sale andcomparable properties using icons or other indicators. Preferably, whenthe user drags the mouse pointer over an icon, the system displays apop-up window providing information on the associated property, e.g., aphotograph, square footage, and price of the property. A user could thenclick through the pop-up window to access more information about theproperty.

While a user is exploring the above-described six structured tabs of theProperty Details web page, the present invention provides a functionmenu area 2402 (as noted in FIG. 58) including next, back, results,remove, print, new search, and a numerical listing of the property. Thenumerical listing corresponds to the item number of the property in thelist of the search results. For example, a user may be viewing theproperty details for the 12th property listed on a search list of 39properties, i.e., 12 of 39. The next function enables a user to view thenext property listing in the search results table. Thus, for example,the user could click on the next function to view 13 of 39 after viewing12 of 39. Similarly, the back function allows the user to move to aprior property listing. The results function allows the user to returnto the table listing the search results. The remove function enables theuser to remove a property from the search result table after viewing theproperty details and determining that the property is not desirable. Theprint function enables a user to print out the property details of aparticular property. Finally, the new search function enables a user toreturn to the original six step search function to commence a newsearch. A further feature provides on-screen and print reports such as aone-line summary, a multi-line summary with photos, a one page report,and an investment package (all data compiled in a paginated investmentpackage format).

Returning to the website homepage (FIG. 35), the third primary functionunder the For Sale structured tab is Add Listing. Upon clicking on theAdd Listing button, the website presents the user with a BuildingQuestionnaire web page, as shown in FIG. 59. The Building Questionnairepage asks the user to select the type of property the user wishes toprofile in the present invention. These types of properties include suchcategories as ‘for sale’ properties and ‘for lease’ properties. Withineach of these property types, the user can choose a particular class ofproperty, such as office or industrial.

Upon clicking a property and class type, the website presents a dataentry page as shown in FIGS. 60 and 61. The data entry page prompts theuser for basic building information. The user enters the buildinginformation in searchable data fields such as building address, city,state, zip code, county, building status, building type, total rentablebuilding area, and number of stories.

As shown in FIG. 62, after completing the basic building information,the Building Questionnaire prompts the user for suite level informationincluding such information as floor, smallest square feet available,whether the total square feet is divisible or is not divisible and themaximum contiguous square feet on a floor. The Questionnaire also asksfor suite level information such as the space type (e.g., relet/direct,new and sublet), the space use (e.g., office, office/retail, retail, andmedical), and occupancy (e.g., 120 days, to be determined, andvacant/off-market). From this page, a user can save the suite levelinformation by clicking through the Save button. Upon saving, thewebsite displays the page shown in FIG. 63.

As shown in FIG. 64, the next section of the office buildingquestionnaire prompts the user for information concerning the listingcontact such as the listing company, its telephone number, its agents,and its e-mail address.

As shown in FIG. 65, the next section of the office buildingquestionnaire prompts the user for information about the building teamincluding such data fields as owner, architect, developer, managementcompany, property manager, asset manager, and the various contactinformation for each of these entities.

As shown in FIG. 66, the next section of the office buildingquestionnaire prompts the user for information concerning marketingnotes and amenities such as an atrium, auditorium, nearby commuter railstations, dry cleaners, golf courses, and restaurants. A data entryfield for marketing notes accepts free-style narratives on any specialfeatures that improve the value of the property and enhance itsattractiveness to buyers.

As shown in FIG. 67, the final section of the office buildingquestionnaire prompts the user for information on major tenants in thesubject property. This section includes data entry fields for suchinformation as major tenant name and square feet.

Each of the above-described sections of the office buildingquestionnaire presents web page buttons that allow the user to move backand forth between the sections of the questionnaire. On the finalsection for major tenants (FIG. 67), the button Submit Questionnaireallows a user to submit the questionnaire and exit the Add Listingfunction of the present invention. After clicking the SubmitQuestionnaire button, the web page presents the user with a confirmationthank you page (FIG. 68), thanking the user for submitting the officequestionnaire and providing a tracking number for the user's records.The confirmation page also informs the user that a research analyst willbe contacting the user shortly concerning the listing. According to theoverall process of the present invention, once the research analystcontacts the listing entity and confirms the validity of theinformation, that data is entered into the database for access by thesearch function.

Although the above description presents the web site operation in thecontext of for-sale properties, the described functionalities applyequally well to databases containing other real estate information suchas for-lease property information, tenants information, and compsinformation. For example, the search functions described with referenceto FIGS. 45-58 could look for for-lease properties, tenants, orcomparables, instead of the for-sale property described above. A userwould access these databases through, for example the For Lease,Tenants, and Sale Comps structured tabs 104 shown in FIG. 35. Thepresent invention can therefore provide a user with access to variousdatabases containing nationwide commercial real estate information.

In spite of this nationwide access, in the context of real estate, andespecially commercial real estate, users tend to focus on specificgeographic locations associated with, for example, a client's interestsor the business locations of a broker. For this reason, even when anational database is available, many users would find little use orvalue in having access to information from outside their region. In someinstances, however, users may desire limited ad hoc access toinformation from outside their region. Moreover, there are some usersthat require information from multiple regions.

To address these competing demands and to provide the capability ofbetter meeting each user's particular needs, the core data warehouse A16of FIG. 1 stores commercial real estate data for multiple markets, andassociates each data entry with a particular market. The multiplemarkets could correspond to the different regions of the United States,as shown for example in FIG. 47 (i.e., West, Midwest, Southwest,Northeast, Mid-Atlantic, and Southeast). Core data warehouse A16 alsoassociates each data entry with a particular category of real estatedata, such as a for-sale property, a for-lease property, a comparablesale listing, or a tenant listing. Thus, the present invention canexecute searches based on market criteria and information type.

By assigning a market and information category to each data entry, thesystem operator can provide information services to match a user'sneeds. Thus, this embodiment of the present invention provides each userwith a subscription status that dictates in which markets andinformation categories the user can search. For example, a user whosubscribes to tenant information in the Mid-Atlantic region couldconduct an unlimited amount of searches for tenants within that regionfor no additional cost above the periodic (e.g., monthly) subscriptioncost.

Normally, a user subscribing to a particular region would execute asearch in the user's primary market (e.g., the Washington, D.C.metropolitan area) within that region. This primary market wouldtypically correspond to the location of the user's office and/or themarket or area in which the user conducts most of the user's business.

In some circumstances, however, the user may wish to explore othermarkets, beyond the user's subscription market. For example, insearching tenant information, a user may want to determine theproperties leased by a particular tenant across multiple markets. Asanother example, in searching comparable sales data, a user may wish toexpand the sample of comparable sales for a unique property that mightnot have appropriate comparable sales within the user's subscriptionmarket. For instance, there may be a limited number of mall propertiesin the $40-50 million range across the United States.

Likewise, in other circumstances, the user may wish to obtaininformation beyond the information category to which the usersubscribes. For instance, a user who subscribes to for-sale propertyinformation may want to learn more about the tenants of a particularbuilding that the user is considering purchasing.

Thus, this embodiment of the present invention enables a user topurchase one-time searches outside of the user's subscription status. Inthis way, a user who subscribes to searches in one market or informationcategory can conduct one-time searches in other markets or informationcategories. For instance, a user who subscribes to the Mid-Atlanticregion can, after conducting a search in the Mid-Atlantic region, expandhis search to encompass the Northeast and Southeast regions. Similarly,a user who subscribes to for-sale property access can broaden his searchto include for-lease properties as well. The user pays a fee for eachexpanded search by, for example, authorizing the forwarding of anelectronic payment to the system operator.

A specific implementation of this embodiment provides a method forselling a subscription that allows users to search a database. Thedatabase contains information regarding commercial real estateproperties, which includes geographic information or informationregarding the geographic region of each property, and informationregarding at least one of comparable real estate sales, tenantinformation, for-sale information, and for-lease information. The methodfor selling a subscription includes associating each user with asubscription status that identifies geographic regions and informationcategories that the user can search, and allowing users to purchaseother information on an ad hoc basis beyond the geographic regions andthe information categories identified in the subscription status.

In accordance with another aspect of the present invention, informationregarding tenants is gathered and stored in core data warehouse A16.Through the use of relational database software, for example, the tenantinformation is associated with building information. This makes itpossible, for example, to graphically depict the occupancy of aparticular building, an example of which is shown in FIG. 74 is shownand described hereinafter.

An embodiment of the present invention provides a tenant informationdatabase that contains tenant information from a plurality of markets(e.g., regions of the United States) across which a user can search. Inreference to FIG. 1, this tenant information database could be containedin core data warehouse A16 and populated by tenant informationapplication A46. Each entry in the tenant information database couldinclude the name of a tenant, the name and/or address of the buildingthat the tenant occupies, the type of business the tenant runs, thestart and end dates of the tenant's lease, and the lease price thetenant is paying. A user can cross-query the multi-market database tolook for particular tenant information, such as the properties leased bya specific tenant, all of the tenants that occupy a particular building,or all of the tenants that meet a certain criteria (e.g., occupy 500,000square feet or more).

In analyzing a particular tenant, the search result would list theproperties leased by that tenant across the plurality of markets. Thus,for example, a nationwide search of tenant information on the fictitious“ABC Company” might return results listing offices leased in New York,Chicago, Los Angeles, and Dallas.

In conjunction with these multi-market searches, an embodiment of thepresent invention also provides a unique user interface to display theresults of the multi-market searches. In a specific implementation, theinterface plots on a map of the United States an icon for each leasedproperty. In a further embodiment, each icon also includes a summary ofthe tenant information corresponding to each location, such as the leaserate, the term of each leased property, and a photograph of the tenant'sbuilding. A user can then click on any of the icons to drill down andobtain more related tenant information.

Another embodiment of the present invention provides a comparable salesdatabase that contains information on comparable sales properties. Inreference to FIG. 1, this comparable sales database could be containedin core data warehouse A16 and populated by comparables informationapplication A50. For this embodiment, each entry of the comparable salesdatabase is associated with a “quality” identification that indicatesits degree of reliability and/or timeliness. The quality identificationenables a user to better analyze and use the comparable salesinformation. As an example, the quality identification could include oneof three categories: 1) verified comparable sales, 2) unverifiedcomparable sales; and 3) for-sale properties.

Verified comparable sales are entries that researchers have confirmedfor accuracy. After receiving notification of a sold property (e.g.,from deed records), a researcher confirms the details of the sale by,among other methods, speaking with individuals who participated in thesale, recording data that those individuals provide, visiting theproperty to observe and record features of the property, and taking apicture of the property.

Unverified comparable sales are database entries that have not beenconfirmed by a researcher. These entries are based solely on a propertysale notification, such as a recorded deed, and are considered to be “inthe pipeline” awaiting verification.

For purposes of comparable sales information, for-sale properties can beconsidered “future comparable sales.” Although the sale has neither beencompleted nor confirmed by a researcher, the for-sale information cangive an indication as to what the comparable sales information might be.

Those skilled in the art will appreciate that these three categories ofinformation are of varying degrees of reliability and timeliness, asillustrated in FIG. 75. The x-axis of FIG. 75 corresponds to anincreasing amount of timeliness and reliability. The y-axis indicates towhich part of the sales cycle the quality identifications correspond.Following along this cycle, the “for-sale” quality identificationcorresponds to the period in which a property is up for sale. Theunverified quality identification corresponds to the period after theproperty is sold and a sale notification is received, but before thesale has been verified or confirmed. Finally, the verified qualityidentification corresponds to the period after a researcher hasconfirmed the sale information for accuracy.

Lines 800 and 801 represent conceptually the relationships between thequality identifications and their timeliness and reliability. Asrepresented by reliability line 800, as a property listing progressesfrom for-sale to unverified to verified, the data becomes more reliable.As represented by timeliness line 801, during this same progression, thedata becomes less timely.

Verified comparable sales are highly reliable because of theresearcher's confirmation and other value-added contributions.Unverified comparable sales are somewhat less reliable, but may be moretimely since they are likely to be more recent than the verifiedcomparable sales. Information on for-sale properties may not be reliablefor comparable sale purposes because the sale has not yet beencompleted. On the other hand, the for-sale listing could be highlyrelevant in setting asking prices and forecasting trends in comparablesales.

Thus, in accordance with this embodiment, the system of the presentinvention allows users to search all relevant comparable salesinformation, while at the same time calling to the user's attention thequality of the search results. Therefore, based on the qualityidentifications in the foregoing example, a user would recognize that asearch result containing for-sale and unverified comparable salesinformation may be less reliable, but more relevant or timely. A userquery is applied against all three categories of information, but thesystem generates a flag or other indicator that alerts the user to thequality of the results.

In a further embodiment of the present invention, FIGS. 69-71 illustratea system and method for providing real estate property informationthrough a unique user interface. The system and method link displayelements on a user interface to a real estate property database. Eachdisplay element represents a specific real estate property. Proximate toeach element, the user interface includes a link (e.g., a HypertextMarkup Language (HTML) link) to a data entry in the databasecorresponding to the specific property. By selecting the display element(e.g., by clicking through it with a mouse), a user can access thecorresponding information from the data entry in the database.Preferably, a user selects the display element by dragging a mousepointer over the element, in which case the system automaticallyaccesses the corresponding information and displays it in a pop-upwindow. Optionally, a user could also select the display element using atouch screen, a voice activated response system, or any other type ofpointing or selecting device.

Exemplary formats of the user interface and display element include 1) achart with textual listings of properties and 2) a map with icons orsome other type of indicator to indicate properties within theparticular geographic area covered by the map. FIG. 69 illustrates thechart format in which the textual property listings are the displayelements. In this example, the chart of search results contains eightproperty listings. The user has positioned the mouse pointer 691 overthe listing “2 World Trade Center” and has activated the link to a dataentry in the property database corresponding to the “2 World TradeCenter.” In response, the system has displayed a pop-up window 692containing a photograph of the property.

FIG. 70 illustrates the map format in which the display elements areicons or other types of indicators. In this example, the icons arepush-pins 700. The user has positioned the mouse pointer 701 proximateto a particular push-pin 702 and has activated the link to a data entryin the property database corresponding to the “5 World Trade Center.” Inresponse, the system has displayed a pop-up window 703 containing aphotograph, address, and price of the property.

Although these examples describe limited categories of informationdisplayed in the pop-up window, the information could include any dataavailable from the property database, including media such as text,images, audio, and video. In addition, as a further feature, after thedisplay element is selected and the pop-up window is displayed, the usercan click on the pop-up window to view a subsequent display containingmore details about the property. As an example, the information includedin the pop-up window and the subsequent display could include images ofthe property, audio content relating to the property, video of theproperty, and one or more textual details on the property, such as theaddress of the property, the building class size, the building size, thenumber of floors, the year built, the buyer, the sale price, the priceper square foot, and the cap rate.

In this further embodiment, a user can easily browse a chart of searchresults or a map of a particular geographic area to learn about forproperty for sale or for lease. Although FIGS. 69 and 70 present thisembodiment of the present invention within the context of searching forproperty for sale or lease, the method of linking map indicators withgeographically pertinent database information, and especiallyphotographic or video information, is also applicable to other aspectsof the present invention, e.g., in looking up or searching forcomparable properties within a particular geographic area or forsearching for property listings limited to specific criteria. As anexample, FIG. 71 illustrates using the map format of this embodiment ofthe present invention to search property listings of a particularbroker, e.g., Coldwell Banker™.

FIG. 71 also shows an additional aspect of this further embodiment, inwhich the display elements carry an added information content. In thismanner, the user can recognize a characteristic of the property evenbefore activating the link associated with the display element. Forexample, as shown in FIG. 71, different icons could signify differenttypes of property, such as office, industrial, and retail, correspondingto icons 750, 751, and 752, respectively. Preferably, a legend 753indicates to the user the meaning of each icon. A user interested in theparticular listings of Coldwell Banker™, but only interested inpurchasing retail space, would browse the map looking for icon 752 andwould save time by dragging the mouse pointer only across thatparticular icon.

As one of ordinary skill in the art would appreciate, this aspect wouldwork equally as well in the residential real estate context, in whichdifferent icons could, for example, represent condominiums, townhouses,and single family homes. In addition, icons or other indicators canrepresent different characteristics of a real estate property. Forexample, an indicator consisting of a certain number of dollar signs(e.g., “$$$”) could show that a particular property is selling within acertain price range. A legend could provide the particular price rangesto which each number of dollar signs corresponds. As another example,the icon could be the price of the property itself.

As suggested by FIGS. 69-71, the present invention provides varioususer-friendly graphical user interface systems and methods that areuseful in displaying information retrieved from a database. Thegraphical user interface features of the present invention are describedherein largely in the context of a database containing data concerningreal estate information and/or other information of interest, includingmerchant information, tourist information, service provider information,and the like, which is correlated with geographic location informationto allow data pertaining to a particular geographic location to beretrieved. It should be appreciated, however, that the user interfacefeatures described herein are useful in other contexts as well, and thatthe graphical user interface tools described herein have broadapplicability.

One user interface feature is the ability to provide seemingly automaticretrieval of location-based information. Underlying this seeminglyautomatic retrieval of location-based information is a software enabledfeature that allows the system to retrieve one set of data in responseto a user query or predetermined system queries to the database, but todisplay only a subset of the data retrieved (a first portion), whilestoring the remaining data (a second portion) locally such as in a cacheon the user's computer. The portion of the data that is displayed (thefirst portion) may be displayed in a text grid/spreadsheet/chart format.Optionally, the data (the first portion) may be displayed in a mapformat. A subset (but preferably not all) of the second portion of data(i.e., the data that is retrieved and stored, but not displayed) maythen be automatically displayed in response to a user input, such aspassing a pointing device icon over a portion of the textgrid/spreadsheet/chart or over an icon on the map display. Morespecifically, the user input selects a portion of the displayed data(the first portion) and system then displays a subset of the secondportion of data that is relevant to the selected portion of the firstportion.

In the embodiment described herein, the data initially retrievedincludes digital images, address information, and price information. Thedigital images are not initially displayed. The address and/or priceinformation of the properties is initially displayed (in a textgrid/spreadsheet/chart or map format) in the display of the firstportion of the data retrieved. The second portion of data includes thedigital images (if available) of all the properties retrieved, but eachimage is only displayed when the user “selects” a property as describedabove. The display is both uncluttered with extraneous data (becausemost of the second portion of data is NOT displayed) and user-friendlybecause the relevant subset of the second portion of data is displayedquickly without need for an additional database query.

The interface further includes a means for users to optionally retrieveeven further information from the database by, for example, selecting(e.g., with a pointing device) text or an icon representing the desiredinformation. It should be understood, however, that this graphical userinterface feature is more widely applicable and, indeed, can be used inconnection with any system in which there is an advantage to use of thisdisplay technique.

In accordance with another graphical user interface feature of thepresent invention, icons can be used to provide information about theproperties shown in the text grid/spreadsheet/chart or map view of theuser interface. In the map view, for instance, an icon's location on amap provides geographic location information. To provide furtherinformation, the icon may be in a shape or appearance that conveysinformation concerning the type of property, the cost of the property,or the identity of the broker listing the property. Further, the iconmay be a small digital image (thumbnail image) of the property itself toconvey further information.

Another embodiment of the present invention provides a system and methodfor presenting, through a unique user interface, commercial real estatetenant information in relation to property information. The unique userinterface provides users with an intuitive and convenient tool foraccessing tenant information relating to a building.

In a specific implementation, the user interface is an image of thebuilding to which the tenant information corresponds. FIG. 74illustrates a representative building image 860. Image 860 representsthe actual physical appearance of the building and depicts theindividual floors 861 of the building (14 floors in this example). Image860 is subdivided to show the spaces occupied by individual tenants,which are referred to herein as tenant segments of image 860.

Each floor is segmented as necessary to show the specific locations ofindividual tenants. For instance, the seventh floor 862 is divided intothree segments to show three tenants. Image 860 also indicates when anindividual tenant occupies more than one floor, by showing a singletenant segment that includes more than one floor and possibly a part ofa floor. Image 860 indicates the different floors within a single tenantsegment using dotted lines.

Within each tenant segment, the building image can also list tenantinformation corresponding to the particular tenant(s). This tenantinformation could simply be the name of the tenant as shown, forexample, in the tenant segments on the seventh floor 862 of FIG. 74: X &Co., Y & Co., and Z & Co. As space permits, each tenant segment couldalso include other tenant information, such as the amount of squarefootage that a tenant occupies.

To obtain more tenant information, a user activates the tenant segmentsby clicking on an area or dragging a mouse pointer over the area. Forexample, in FIG. 74, if the user wants to learn more about the terms ofC & Co.'s lease, then the user clicks on or drags over segment 863. Auser can also obtain further information about all tenants on aparticular floor. For example, to learn more about all of the tenants onthe second floor, the user clicks on or drags over the area 864proximate to the second floor label.

The user interface also conveniently illustrates vacant spaces of abuilding, such as space 865 in FIG. 74. In this manner, a prospectivelessee can quickly determine whether there is space available in abuilding, and if so, can quickly retrieve lease information associatedwith that space.

In providing this unique building image user interface, the system andmethod of this embodiment of the present invention link display elementson the user interface to the commercial real estate database (e.g., coredata warehouse A16 of FIG. 1). Each individual tenant segment within thebuilding image is a display element. On top of or proximate to eachdisplay element, the user interface includes a link (e.g., an HTML link)to a data entry in the database corresponding to the specific propertyand tenant. When a user selects the display element, the systemretrieves the corresponding information from the data entry in thedatabase. A user selects a display element by, for example, clickingthrough the element (i.e., the segment or floor segment of the buildingimage) or by dragging a mouse pointer over the element. As otherexamples, the system could allow a user to select the display element bytouching a touch screen or interacting with a voice activated responsesystem.

If the system allows the user to click through the display element, thesystem then displays a separate web page containing the additionaltenant information. If the system allows the user to activate thedisplay element by dragging over it, then the system can display apop-up window as described and illustrated above in reference to FIGS.69 and 70.

The graphical user interface features described herein may be used invarious combinations to customize functionality for different purposesto leverage the use of the database. For example, it is possible for thesystem operator to provide custom content for individual brokers byusing predetermined queries to display only properties listed by aparticular broker and by displaying the information as an essentiallyseamless part of the broker's web site. The hierarchical display ofinformation retrieved from the database can be used in other contextswhere display of too much information is confusing or impractical, andresubmitting queries to get basic information is too cumbersome forusers. Thus, the present invention also provides graphical userinterface tools with broad applicability.

Related to the provision of custom content to individual brokers,another embodiment of the present invention provides a system and methodfor supplying content from a central database to affiliated web sites.

By way of background, in the context of commercial real estate, thecurrent practice of providing updated information to a broker's web siteis extraordinary complex. One known example is offered by LOOPNET™(www.loopnet.com), in which brokers supply their listing information.There is, however, no readily apparent mechanism in place for confirmingthe currency, accuracy, or comprehensiveness of the information providedon the database. For example, although a broker submitting informationto LOOPNE™ has an incentive to provide complete and accurateinformation, there is little or no incentive for the broker to keep theinformation current once the property is sold or when the informationabout the property changes in some way. The system depends on thebroker's own initiative to enter and then update the information.Unfortunately, entering and updating the information can beextraordinarily complex and time-consuming in the context of commercialreal estate, which, unlike residential real estate, involves a widevariety of property criteria that may be of interest to potentialbuyers.

Without a comprehensive source of information, maintaining widelydistributed individual sites with current, reliable information isvirtually impossible. However, having access to a comprehensive,integrated commercial real estate database, data can be drawn from thedatabase to support commercial real estate web sites for brokeragecompanies or individual brokers. Moreover, content that is available onbroker sites remains consistent from site to site.

In accordance with this embodiment, a broker uses a site template (e.g.,graphical user interface) containing modifiable portions and portionsthat link to the integrated commercial real estate database. FIG. 76shows an example of a template 850 having a modifiable portion 851 and alinked portion 852. The modifiable portion 851 allows a broker tocustomize the site with, for example, the logo, contact information, andservice descriptions of the broker. The linked portion 852 draws contentfrom the commercial real estate database, which includes, for example,descriptions and photographs of listed properties. On a particularbroker's web site, for example, the linked portions would contain allcommercial real estate listings on which the broker is listed.

To provide the content for the linked portions, the system executespredetermined queries across the commercial real estate database toretrieve only those properties associated with the particular broker.Thus, for the example in FIG. 76, the system retrieves from thecommercial real estate database all entries listing TRI COMMERCIAL™ asthe broker.

As a further embodiment, a customized broker web site could includepages further customized for individual agents (employees) of thebroker. For these customized pages, the system executes predeterminedqueries across the commercial real estate database to retrieve onlythose properties associated with the particular agent.

Accessing content from a central database ensures that the contentappearing on broker sites is consistent, accurate, and current. Once anoperator of the central database collects and stores the content, it isimmediately available to all affiliated broker sites. Then, as anothersignificant benefit, the operator of the central database only has toupdate the content once, rather than updating individual databases ofthe various broker sites.

Leveraging the valuable data available in core data warehouse A16 ofFIG. 1, such as property information, comparable sales information,tenant information, leasing information, and income and expense data, afurther embodiment of the present invention provides communication andanalytical tools that interface with the commercial real estate data andsupport commercial real estate transactions between the parties. Thesecommunication and analytical tools include: 1) a survey tool; 2) acommercial real estate transaction tool; 3) a tour scheduling tool; 4)an activity summary tool; 5) a tool for analyzing commercial real estatedata; and 6) a map search tool. Although the descriptions and figurespresented below may refer to particular types of users (e.g.,tenant-brokers) working with these tools, it should be understood thatthe tools are broadly useful for many types of users of a commercialreal estate database, on all sides of commercial real estatetransactions, including, for example, brokers representing tenants,brokers representing sellers, brokers representing investors buyingbuildings, brokers representing owners, and tenants, sellers, and ownersthemselves. One of ordinary skill in the art would appreciate how toadapt the tools for each user type.

A. Survey Tool

According to a representative embodiment of the present invention, thesurvey tool is an interactive application through which users can searchthe commercial real estate database, and then have areas in which to (i)privately store documents, or (ii) post documents and share suchdocuments or other communications with colleagues within their own firm,with other brokers in the industry, and/or with their clients. Thisability to search the commercial real estate database, and then toimmediately interact with colleagues, clients, and other brokers greatlyspeeds the real estate transaction process.

As shown in FIG. 77, the survey tool is accessible through a “mysurveys” home page 7700, which lists, by client (tenant) name, thesurveys on which the user is working. Preferably, home page 7700 is apassword protected page. In this example, the user is a tenant-brokerand has one client tenant named Datawatch Communications™. Although, inthis example, the user is a tenant-broker, the survey tool is, ofcourse, applicable to other types of users, such as brokers representinginvestors buying a building or brokers representing owners. In addition,although this example demonstrates a search for space availability for aprospective tenant, the survey tool is applicable to other types of realestate data searches, such as searches for analyzing market conditions(e.g., rents, vacancies, etc.).

Home page 7700 provides access to several functions related tosurveys: 1) adding client profiles; 2) editing client profiles; 3)editing surveys; 4) running surveys; 5) editing the results of surveys;6) adding attachments to surveys; and 7) editing attachments to surveys.FIGS. 78-84 illustrate these functions.

To add client profiles, the survey tool of the present inventiondisplays an “add client profile” page 7800 as shown in FIG. 78. Page7800 provides data fields in which the tenant-broker can enterinformation about the client tenant, such as the name and address of theclient, and the contact information of a representative of the client.

After a client profile has been added through page 7800 and is listed onpage 7700, the tenant-broker can edit the profile of the client. Tofacilitate this function, the survey tool displays an “edit clientprofile” page 7900 as shown in FIG. 79. Here, the tenant-broker can editor add to the information that was originally entered in the “add clientprofile” page 7800.

After entering a client tenant, the tenant-broker can then specify thevarious space requirements of the client, as shown in the “edit survey”page 8000 of FIG. 80. Page 8000 provides data fields in which thetenant-broker can create and edit the name of a space requirement of aclient, as well as enter notes describing the requirement.

FIG. 81 illustrates a “run survey” page 8100 through which thetenant-broker can run a survey and view the results. To run a survey,the tenant-broker selects the name of the client and a particular spacerequirement of the client.

FIG. 82 illustrates an “edit results” page 8200, which enables atenant-broker to edit the results of a survey. The tenant-brokeraccesses the search results by selecting the name of the client, theparticular space requirement of the client, and the particular resultsthat the tenant-broker wishes to edit.

FIG. 83 illustrates an “add attachments” page 8300, which allows atenant-broker to attach files, such as spreadsheets, documents, andbrochures, to a space requirement. If the tenant-broker desires, theattached files can be published such that they are accessible to theclient tenant and, perhaps, also to other members of the tenant-broker'sfirm and other brokers outside the firm. Preferably, access to the filesis provided through the web site of the tenant-broker. In addingattachments through page 8300, the tenant-broker specifies the name ofthe client, a particular space requirement of the client, a name thatdescribes the attachment, and the location from which the file can beretrieved (e.g., a path and filename on the hard drive of thetenant-broker's computer).

The documents that can be attached through page 8300 include searchresults or any other material generated by any of the interactions withthe commercial real estate database described herein (e.g., maps andcomparable sales reports). Such material can be edited by the user,although there is no requirement that it be edited. In addition, theattached documents can concern material wholly unrelated or separatefrom the commercial real estate database, including information fromsources other than the database. Indeed, the user can attach documentsthat the user has created outside of the context of the interactionswith the commercial real estate database.

After the tenant-broker has added attachments, the tenant-broker canedit those attachments as shown in the “edit attachment” page 8400 ofFIG. 84. Through page 8400, the tenant-broker can edit the descriptionof the attachment and replace the attached file. In addition to editingthe attachment, the tenant-broker can also publish the attachment foraccess by the client or other parties, and can notify the client of thepublishing via e-mail.

In addition to listing clients, the “my surveys” page 7700 of FIG. 77could also list any essential matters on which the tenant-broker iscurrently working. For example, the web page may list the status ofspaces that the tenant-broker has investigated and the status ofnegotiations with owner/brokers on different deals.

An alternative embodiment of page 7700 provides customized screens foreach agent of a tenant-broker firm. In other words, each agent couldhave her own proprietary page. For example, the page of an individualagent could have a picture of the agent along with the agent's currentlistings. The agent-specific page could also function like a businesssite, with which the agent could, for example, transfer documents (e.g.,via FTP) on behalf of clients. As another example, the agent coulddirect clients to the page to retrieve prospective space information andreview attached files.

B. Commercial Real Estate Transaction Tool

An embodiment of the present invention provides a commercial real estatetransaction tool that facilitates the steps involved in completing areal estate transaction, from searching for a space to signing aproposal. In facilitating the transaction, the tool enables e-mailcommunications between tenants, tenant-brokers, owners, andowner-brokers. The e-mail communications include templates for the basicterms of proposals. Among other benefits, the transaction toolaccelerates the transaction process, engages the tenant and/ortenant-broker in the entire transaction process, and aids the tenantand/or tenant-broker in reaching a decision.

In a further embodiment, the e-mail communications to owners orowner-brokers include links that enable them to update incorrectinformation in the commercial real estate database (e.g., core datawarehouse A16 of FIG. 1).

FIGS. 85-95 illustrate the commercial real estate transaction tool,according to an embodiment of the present invention. In the example ofFIGS. 85-95, a tenant-broker conducts an initial search of properties,selects properties in which she is interested, and communicates with theowners/brokers of the selected properties to confirm availability of theproperties and to request, receive, and negotiate proposals with theowners/brokers.

As shown in FIG. 85, after an initial search is completed, thetransaction tool displays the properties that meet the criteriadesignated by the tenant-broker (e.g., looking for 5,000 square feet ofA class space in Bethesda, Md.). The transaction tool executes thesearch similar to the manner described above under the heading “WebsiteOperation.” At this point, in a conventional process, the tenant-brokerwould have to individually contact (e.g., via telephone or e-mail) theindividual owners/brokers of the different properties listed in thesearch results, to confirm the availability of the space and proceedwith proposals and negotiations, if desired. For example, thetenant-broker would have to send separate e-mails to the owners/brokersasking if a particular space is available, and, upon receiving apositive indication of availability, would have to continuecorresponding with the owners/brokers concerning proposals andnegotiations.

With the transaction tool of the present invention, however, atenant-broker is able to simultaneously communicate with a group ofowners/brokers that represent properties and spaces in which thetenant-broker is interested. Specifically, after reviewing the searchresults of FIG. 85, the tenant-broker initiates the space confirmationprocess by clicking the “survey confirmation” button 8500. In response,the transaction tool displays the properties from the initial searchresults page of FIG. 85 in a re-formatted list, as shown in FIG. 86. There-formatted list of FIG. 86 corresponds to the scrollable field 8502 inFIG. 85, except that FIG. 86 shows all of the properties at once, forconvenient viewing by the tenant-broker. From the list of FIG. 86, thetenant-broker selects the spaces in which the tenant-broker isinterested, and would like to confirm availability. The tenant-brokermakes these selections using the checkboxes 8602, the Select All button8604, and the Unselect All button 8606. The individual selections thatthe tenant-broker makes would be based on, for example, thetenant-broker's particular tastes and proprietary knowledge of themarket. After making the selections, the tenant-broker clicks on thecontinue button 8608.

In response, the transaction tool displays a space requirement e-mailtemplate, the contents of which will be converted into an e-mail andforwarded to the owners/brokers corresponding to the list of spaces thatthe tenant-broker selected in FIG. 86. FIG. 87 illustrates an example ofthis space requirement e-mail template. As shown, the e-mail templateincludes basic information about the tenant with which the tenant-brokeris working, including the space requirements of the tenant. The contentof the space requirements fields 8700 is pulled from the criteria of theinitial property search. In addition to the basic space requirements,the tenant-broker adds the deadline 8702 for returning spaceconfirmations. The tenant-broker can also add a customized message 8704,which can include specific comments about the tenant, such as the nameof the tenant.

After completing the template of FIG. 87, the tenant-broker clicks thee-mail button 8706. In response, the transaction tool automaticallycreates and forwards e-mails to the representatives of each propertythat was selected in FIG. 86. This batch e-mail greatly eases thetenant-broker's burden in contacting the brokers of prospective spaces.The e-mail addresses of the representatives and the associations betweenthe representatives and their respective properties are stored in thecommercial real estate database. The transaction tool creates the e-mailmessages from the content captured in FIG. 87. FIG. 88 illustrates anexemplary e-mail message.

As shown in FIG. 88, the e-mail message informs the owner/broker of thespace requirements in which the tenant is interested. The e-mail messagealso states that a search of the commercial real estate databaserevealed that the recipient (owner/broker) of the e-mail might havespace that meets the tenant's requirements. In addition, the e-mailmessage includes links 8800 and 8802 for responding to the e-mailmessage. The owner/broker clicks on link 8800 if the owner/broker hasspace that meets the requirements. However, if, contrary to the databasesearch results, the owner/broker does not have space meeting therequirements, then the owner/broker clicks on link 8802. Clicking onlink 8802 notifies the administrator of the commercial real estatedatabase that the particular property does not have space available andthat the database should be updated accordingly. This update can, ofcourse, occur automatically, based on the property information that waslisted in the initial search results (FIG. 85) and carried through tothe e-mail (FIG. 88).

If the owner/broker indicates that space is available by clicking link8800, the link 8800 launches a web browser and takes the owner/broker toa space confirmation web page, such as the exemplary page shown in FIG.89. The space confirmation page lists the property data from the searchresults (FIG. 85) and e-mail (FIG. 88), such as the square footage ofthe space, whether the space is divisible, the layout of the space, therent price, whether the rent price is negotiable, the date that thespace is available, and the location and address of the space. Throughthis page, the owner/broker can confirm the availability of the space,add any comments related to the space, provide information on otherspace opportunities, and edit any of the data describing the space.

After editing and adding information as needed, the owner/broker submitsthe data by, for example, clicking a submit button (not shown). Thetransaction tool reports the owner/broker's submission back to thetenant-broker, for example, as part of a status page that lists all ofthe space requirement e-mails that have been sent out to the variousowner/brokers and the responses that the tenant-broker has received. Atthe same time, the owner/broker's submission is reported to the activitysummary tool (described below) to indicate that the owner/broker hasreceived an inquiry concerning the space, and to account for the inquiryin an activity summary report.

In responding to the tenant-broker's request for space confirmation, theowner/broker does not necessarily have to have the transaction toolsoftware. Indeed, the owner/broker merely receives an e-mail messagewith web links. The web links enable the updating of the commercial realestate database or the reply confirming the space availability. Thus,this embodiment of the present invention provides a flexiblecommunication tool for the tenant-broker, which does not require theowner/brokers with whom the tenant-broker deals to have any specialsoftware, other than an e-mail application and a web browser.

According to an embodiment of the present invention, if the owner/brokeredits the space data listed in the web page of FIG. 89, those changesare not reflected in the commercial real estate database. In otherwords, the owner/broker may change the space data for the limitedpurpose of negotiating with the particular tenant-broker, but withoutchanging the data stored in the commercial real estate database. Forexample, if the owner/broker recognizes a certain promotional value inhaving a particular tenant (e.g., a Fortune 100 company), then theowner/broker may lower the asking rent price in attempt to attract thattenant. This special price would be related back to the tenant-broker,but would not be captured in the commercial real estate database. Thisconfidentiality helps gain the trust and participation of owner/brokers.

After receiving responses to the batch e-mail and the property data ofeach response with any edits entered by the owner/brokers, thetenant-broker reviews the responses on a status page that includes, forexample, a table of available spaces and the data associated with eachspace. This table enables the tenant-broker to conveniently comparespaces according to criteria such as that listed in the spaceconfirmation replay of FIG. 89 (e.g., square footage, divisibility, typeof space, rent price, negotiability, availability, location, address,and comments). Preferably, this status page would include a send buttonthat automatically creates and sends an e-mail message to the tenant,which includes the table of available spaces and, perhaps, suggests atentative schedule for touring the spaces. The steps involved inscheduling and completing the tour are described herein under theseparate heading, “Tour Scheduling Tool.”

After reviewing the table of available spaces and touring the spaces ifdesired, the tenant and tenant-broker request a proposal from a finalgroup of selected properties. At this stage, the transaction toolpresents a proposal page through which the tenant-broker can select theowner/broker's that will receive a request for proposal. FIG. 90illustrates an exemplary proposal page 9000. As shown, page 9000includes a transaction summary 9002, a tour schedule 9004, and aproposal stage listing 9006. In this example, the tenant-broker isworking with the tenant, Oracle™, whose space requirements are listed inthe transaction summary 9002 and who has completed the tour shown in thetour schedule 9004. Based on Oracle's instructions, the tenant-brokerhas selected three owner/brokers from which to request proposals, asindicated by the checkmarks in the proposal stage listing 9006.

After selecting the desired owner/brokers, the tenant-broker clicks onthe “Create New E-mail Blast” button 9008. In response, the transactiontool displays a request for proposal e-mail template, the contents ofwhich will be converted into an e-mail and forwarded to theowners/brokers corresponding to the owner/brokers selected in theproposal stage listing 9006 of FIG. 90. FIG. 91 illustrates an exampleof this request for proposal e-mail template. As shown, the e-mailtemplate includes the terms of the request for proposal, such as thetype of space, the square footage, the duration of the lease, the rentprice, and the deadline for returning the proposal. The tenant-brokercan edit any of the fields and can also add a customized message, whichcan include specific comments about the tenant. According to anembodiment of the present invention, the edited information is notreflected in the commercial real estate database.

After completing the template of FIG. 91, the tenant-broker clicks the“Send RFP” button 9102. In response, the transaction tool automaticallycreates and forwards e-mails to the representatives of each propertythat was selected in FIG. 90. This batch e-mail greatly eases thetenant-broker's burden in contacting the owners/brokers of theprospective spaces. The e-mail messages request formal proposals on theindividual spaces and include the content captured in FIG. 91. FIG. 92illustrates an exemplary request for proposal e-mail message. As shown,the e-mail message includes a link 9202 through which the owner/brokercan access a web page and electronically submit a proposal to thetenant-broker in the same manner as described above for the spaceconfirmation e-mail messages.

After the tenant-broker receives all of the proposals, the transactiontool provides a comparison of the proposals, as shown in the exemplarypages of FIGS. 93 and 94. As shown in FIG. 93, the proposals areautomatically integrated into a grid that objectively compares theproperties. The comparison can also include financial and graphicalstudies as shown in FIG. 94.

After reviewing the comparison, the tenant-broker can respondindividually to the owner/brokers using the respond buttons 9302 in FIG.93. In response to clicking a respond button 9302, the transaction toolautomatically opens an e-mail message to the respective owner/broker.The tenant-broker can then enter a desired message in the e-mail andsend it to the owner/broker. The response can be, for example, acounter-proposal or an acceptance of the proposal. FIG. 95 illustratesan e-mail message in which the tenant-broker accepts the proposal of theowner/broker.

C. Tour Scheduling Tool

An embodiment of the present invention provides a tour scheduling toolthat coordinates visits to selected properties by the tenant and thetenant-broker. The tour scheduling tool delivers automated and/oruser-defined tour schedules to the tenant and tenant-broker, andcoordinates communications between them. To set and confirm times forbuilding tours, the tour scheduling tool supports instant messaging andemail communication between the tenant, tenant-broker, andowners/brokers. Upon confirmation of building tour times, the tourscheduling tool sends email communications containing all of thebuilding information to all involved parties.

In addition to facilitating communication, the tour scheduling toolincludes integrated mapping features that give the tenant andtenant-broker a better understanding of the travel time to the subjectproperties. The integrated mapping features provide, for example, a maproute on which the buildings to be toured are plotted. The tenant andtenant-broker can click on the buildings to drill down for informationand images related to the particular building. The tour scheduling toolcan operate as a module within the transaction tool described above(e.g., in conjunction with FIG. 90), or can operate separately as astand-alone scheduling tool.

FIGS. 96-99 illustrate the tour scheduling tool, according to anembodiment of the present invention. In FIGS. 96-99, a tenant-brokercoordinates with the tenant and the owner/brokers to devise a tour ofthe properties in which the tenant is interested. In the context of theprocess described above for the transaction tool, the tour wouldtypically take place after the tenant-broker has received spaceconfirmations (FIG. 89) and before request for proposals are distributedto a final short list of owners/brokers (FIG. 90). To start the tourscheduling process, the tenant-broker submits to the tour schedulingtool a list of properties that have confirmed space available and thatthe tenant would like to visit.

In response to the list of properties, the tour scheduling tool presentsto the tenant-broker a proposed tour schedule page, such as page 9600shown in FIG. 96. Page 9600 prompts the tenant-broker to enter thestarting time and location of the tour in data fields 9602, and tospecify the order in which the properties are to be visited and theanticipated time to be spent at each property in field 9604. Based onthis input, the tour scheduling tool calculates directions and traveltimes to each property, and plots a tour route 9606 on a map 9608. Thetravel times 9610 are listed in field 9604. Page 9600 also includesproperty information 9612 for each tour site including, for example, apicture 9614 of the property. The tenant-broker can toggle through thetour sites by clicking on the next button 9616.

The tour scheduling tool is able to plot the buildings on map 9608because the property information in the commercial real estate databaseis geographically-coded. Thus, based on the order designated by thetenant-broker, the tour scheduling tool calculates the most efficientpath from building to building, taking into account, for example,traffic lights and traffic congestion. Alternatively, instead offollowing the tenant-broker's order of buildings to be visited, the tourscheduling tool can determine the order based on, for example, the leastamount of time or the least amount of distance traveled.

In an embodiment of the present invention, map 9608 includes interactivefeatures through which the tenant-broker can access more detailedinformation about the buildings to be visited. For example, thetenant-broker could click on a building plotted on map 9608 to accessdata corresponding to that property, which is stored in the commercialreal estate database. This data could include details and pictures ofthe available space.

If the tenant-broker approves of the proposed tour, the tenant-brokerclicks on the “save tour” button 9618. The tenant-broker can also printout an itinerary for the tour, which includes a schedule of the tourshowing tour and travel times, the map with the plots of the route andbuildings, and summary property information for each of the buildings tobe visited.

In creating and finalizing the tour, the tenant-broker can contact thetenant and owners brokers to set and confirm times of building tours.The tour scheduling tool supports communication applications, such asemail and instant messaging, to complete these tasks. Thus, for example,the tenant-broker can instant message with the owners brokers on thetour, come up with a tentative tour schedule, and email that tourschedule to the tenant for approval. The “send to tenant” button 9620 onFIG. 96 provides this functionality, launching the email application ofthe tenant-broker and pre-populating an email to the tenant with a linkto the tour schedule. The tenant-broker can, of course, customize theemail message. FIG. 97 illustrates an exemplary email message to atenant with a link 9700 to the tour schedule. In another embodiment, thetour scheduling tour enables the tenant-broker to forward the emailmessage to multiple representatives of the tenant, if, for example, morethan one person from the tenant will be attending the tour.

In response to the tenant's clicking link 9700 of FIG. 97, the tourscheduling tool launches the tenant's web browser and takes the tenantto a space tour page, such as page 9800 shown in FIG. 98. As shown, page9800 includes a list of the buildings that will be visited on the tour,along with the date and times of the tours and property datacorresponding to each building. To access additional information about abuilding, the tenant can click on the building image, in response towhich the tour scheduling tool displays a detailed data page for theproperty, such as page 9900 shown in FIG. 99. This detailed data page9900 includes information such as floor plans, lobby shots, andamenities and tenants associated with the building. Returning to FIG.98, if the tenant wants to view a map of the tour with the route andbuildings plotted on the map, the tenant clicks on the “map it” button9802.

Optionally, in place of or in addition to pages 9800 and 9900, the tourscheduling tool could display page 9600 to the tenant, which providesthe same tour schedule and building information in a different format.

If the tenant approves of the tour schedule, the tenant informs thetenant-broker of the approval by, for example, telephone, instantmessaging, or e-mail. Although not shown, the tour scheduling tool couldprovide an approval button on pages 9600 or 9800, which wouldcommunicate the approval of the tenant to the tenant-broker. After thetenant approves of the tour schedule, the tenant could, like thetenant-broker, print out an itinerary for the tour. With the tourfinalized and the itinerary in hand, the tenant and tenant-broker wouldthen go on the tour, after which the tenant and tenant-broker wouldparticipate in the request for proposal process as described above underthe heading, “Commercial Real Estate Transaction Tool.”

D. Activity Summary Tool

An embodiment of the present invention provides an activity summary toolthat enables a broker to capture and report the tasks that the brokerhas completed. The tool can summarize all of the tasks completed by abroker or, alternatively, only a subset of the tasks completed by abroker on behalf of a particular client. Thus, for example, anowner-broker can use the activity summary tool to report to an owner thenumber of inquiries that the owner-broker has received for the owner'sproperty, the number of tours that the owner-broker has given on theproperty, the number of requests for proposals that the owner-broker hasreceived for the property, and the number of proposals that theowner-broker has delivered to prospective tenants of the property.

In a further embodiment, the activity summary tool displays tasksaccording to the person that completed them, to indicate, for example,the tasks completed by an individual employee of the broker. In thismanner, a head broker or chief financial officer of a brokerage firm canreview the activities of a particular agent of the broker along with theoverall activities of the firm. These summaries can help streamlinerevenue forecasting, staffing needs, and other management functions.

The activity summary tool operates transparently while the usersinteract with the transaction and tour scheduling tools, describedabove. Specifically, the activity summary tool records each discreteevent in the commercial real estate transaction process. These recordsinclude the activities of the parties on both sides of the transaction,i.e., the tenant and tenant-broker and the owner and owner-broker. Witheach event logged, the activity summary tool can create activity reportsthat summarize the overall transaction process or particular breakdownsof that process. These breakdowns could focus on, for example, theactivities of the tenant-broker or the owner-broker, the activities of aparticular agent of the tenant-broker or the owner-broker, or all of theactivities relating to a particular property regardless of the partycompleting them.

As an example of the archiving function of the activity summary tool,and in reference to the processes described above for the transactionand tour scheduling tools, the activity summary tool could archive anevent at the following points in the commercial real estate transactionprocess: 1) searches conducted for a tenant's space requirement (FIG.85); 2) requests for space confirmation for spaces meeting the searchcriteria (FIGS. 86-87); 3) replies to the requests for spaceconfirmation (FIGS. 88-89); 4) building tours (FIGS. 96-99); 5) requestsfor proposals (FIGS. 90-91); 6) proposals (FIGS. 92-94); and 7) proposalacceptances (FIG. 95). For each of the events, the activity summary toolcould record the specific data related to the event, such as thespecific terms of a proposal. The activity summary tool would alsoassociate each activity with the party that completed it, to enablereports broken down according to party. Thus, for example, when anowner-broker replies to a request for space confirmation (as in FIGS.88-89), that event could be fed back to a status page of thetenant-broker to show that a reply was received on the request for spaceconfirmation for a tenant client's space requirement. Similarly, on thelandlord side, the event could also be fed back to a status page of theowner-broker to show that an inquiry was made on the property. Thisinquiry event could then be reported on a monthly report to the owner,which summarizes the activities completed by the owner-broker on behalfof the owner.

Thus, the activity summary tool of the present invention providesimportant archiving and reporting functions for all parties to thecommercial real estate transaction process, whether on the tenant orowner side. The activity summary tool is also a valuable management toolfor brokers, giving them the ability to track activities completed byindividual agents or by the firm as a whole, and to summarize and reportthe activities to their clients. Typically, in the past, brokers havecreated monthly owner reports by reviewing their calendars and typingthe events into a separate document. With the activity summary tool,however, the events are automatically captured as they occur. Then, atthe end of the month, the broker need only request a monthly report,which the activity summary tool then automatically generates from therecorded events.

FIG. 100 illustrates an exemplary tenant-broker status page, accordingto an embodiment of the present invention. As shown, the status pageincludes a list of current surveys and new space confirmations. Thesurveys are listed according to the tenant client, and indicate thenumber of new listings (space requirements) for each survey. The newspace confirmations are also listed according to the tenant client, andindicate the number of space confirmations received for each survey. Thetenant-broker can click on any of the survey or space confirmationlistings to access more details. In addition to the current surveys andnew space confirmations, the status page of FIG. 100 could include asummary of all active deals, proposals, and tour appointments.

A status page for an owner-broker would be similar to the page shown inFIG. 100. The owner-broker status page could also include otherinformation, such as active deals, pending proposals, and tourappointments. In addition, the status page could provide a buildingcalendar that shows past and planned events for a particular property.

In a further embodiment of the activity summary tool, brokers can shareaccess to status pages with their clients. Thus, as the broker plans andcompletes activities on behalf of the client, the client can monitorthose activities through the shared status page. Thus, for example, atenant could see what types of responses the tenant-broker received on asurvey requesting space confirmations. In addition, a broker couldprovide access to the status page to one or more designated members ofthe client, such as a facilities manager and chief financial officer. Inthis manner, many people can use the status page to monitor andparticipate in the transaction process. For example, several members ofthe client could check the status page to determine the time andschedule of building tours.

E. Analytical Tool

An embodiment of the present invention provides an analytical tool thatenables a user to better understand and analyze commercial real estatemarket conditions.

Specifically, the analytical tool facilitates the comparison ofproperties to other similarly situated properties. For example, theanalytical tool can compare a single building or group of buildingsagainst a preset or user-defined list of buildings (e.g., against theentire market or submarket of Class A buildings or the user's ownselection of its competitors or comparators) based on a user definedselection of certain building characteristics. The analytical tool canplot the result set along a graph or chart.

In analyzing market conditions, the analytical tool also presentshistorical trends and forecasts of market statistics. For example, theanalytical tool can show the historical trends of absorption or vacancy,and can forecast the statistics based on “future” information stored inthe commercial real estate database, such as building deliverables (newconstruction) or lease expiration. The analytical tool can alsocustomize this forecasting function to report statistics pertinent to aspecific type of property, such as industrial properties. The analyticaltool can also factor in a user's independent judgment of the market tofurther customize the forecasted statistics.

FIGS. 101-113 illustrate exemplary screen shots of the analytical tool,according to an embodiment of the present invention. In this example, toillustrate market conditions, the analytical tool generates statistics,charts, and graphs based on a user-defined custom set of buildings.

As shown in FIG. 101, the analytical tool first prompts the user forproperty and space criteria. Then, as shown in FIG. 102, the analyticaltool prompts the user for a geographic region in which to search forproperties meeting the criteria. The user can define the geographicregion by, for example, market, submarket, county, city, zip code, userdefined boundaries (e.g., using the map search tools described herein),or street grid. In the next step, as shown in FIG. 103, the user candefine more detailed search criteria, such as key words in the spacelisting, the listing company, and services related to the space.

With the search criteria defined by the user, the analytical toolconducts the search and reports the results, as shown in FIG. 104. Thisinitial reporting screen includes the number of buildings and spacesmeeting the search criteria (which, in the example shown, is 172buildings and 305 spaces), a graph plotting three-year vacancy rates forthe properties meeting the search criteria, and a summary of statisticsrelating to occupancy and availability, leasing activity, and askingrent. From the summary screen of FIG. 104, the user can accessadditional charts and graphs of other market statistics from the charttype fields 10400. As shown in FIG. 105, these other charts and graphscould include, for example: 1) absorption, deliveries, and vacancy; 2)rental rates; 3) occupancy rates; 4) percent leased rates; 5) vacancy byspace type; 6) direct and sublet vacant square footage; 7) occupancy andleased rates; 8) current rental rates; 9) vacancy and rental rates; and10) net absorption rates. The analytical tool pulls all of thesestatistics from the commercial real estate database. FIG. 106illustrates a graph of absorption, deliveries, and vacancy plotted overa three year period, for properties meeting the search criteriaspecified in the screens of FIGS. 101-103.

In addition to charts and graphs, the analytical tool can presenthistorical data in snapshot spreadsheets, as shown in FIGS. 107-109.FIG. 107 shows an overview of the historical data. In addition to anoverview, the data in the snapshot can be organized as a specific lookat absorption, vacancy/availability, or rental rate, as shown by thedrop-down menu options in FIG. 108. As another example for presentinghistorical data, FIG. 109 illustrates a table listing quarterlystatistics.

FIGS. 110-113 illustrate the forecast function of the analytical tool.FIGS. 110 and 111 show a graph and table, respectively, of actualhistorical statistics and predicted future statistics. In this example,the analytical tool projects the future absorption rates andconstruction starts using the statistics from the most recently reportedquarter. The user can change the bases for these projections as shown inFIGS. 112 and 113. As shown in FIG. 112, the projected absorption can bebased on other factors such as: 1) preceding year average; 2) five yearaverage; 3) median quarter value; 4) mean quarter value; 5) % seqpositive growth; 6) % seq negative growth; 7) best of four quarters; or8) worst of four quarters. As shown in FIG. 113, the projectedconstruction starts can be based on other factors such as: 1) precedingyear average; 2) five year average; 3) mode quarter value; 4) averagequarter value; and 5) % of five year average.

To further enhance the user's understanding of market conditions, anembodiment of the analytical tool can provide summaries of dealscompleted on properties that met the search criteria (FIG. 114), recentnews relating the properties (FIG. 115), and plots of the properties ona map to reveal any regional trends (FIG. 116). The data included inthese screens is retrieved from the commercial real estate database.

F. Map Search Tool

FIGS. 117-123 illustrate an exemplary map search tool, according to anembodiment of the present invention. This map search tool allows a userto specify one or more areas as geographical search criteria. This mapsearch tool is a part of the overall search process that is describedabove. This search process includes, for example, choosing a type ofproperty to search (e.g., office, industrial, or retail), specifying alocation in which to search, and identifying attributes or criteria thatthe search results must satisfy (e.g., sale price parameter). The mapsearch tool of the present invention is a part of the second step ofthis process, helping to pinpoint a location in which to search forproperties.

As shown in FIG. 117, the system displays a list 11700 of market areas.The user selects a market to view a map of the area in which the userwishes to create a custom area search.

The system then displays a map 11800 corresponding to the selectedmarket, as shown in FIG. 118. The user can zoom in on the market areamap by clicking on the zoom button 11802. Alternatively, the user canclick and drag a rectangle anywhere on the map using the rectanglebutton 11804. The system redraws the map by zooming in on the rectangle.

As shown in FIG. 119, the user can create a submarket using the digitizebutton 11900, which enables free-form polygon searching (e.g., definingirregular polygon search areas). After clicking digitize button 11900,the user clicks on any location on the map to begin defining a polygon11902. The user then clicks other points to create the boundaries of thepolygon 11902 that define the custom submarket. The system automaticallycloses the polygon 11902 when the user clicks close to the first pointof the polygon 11902.

In an embodiment of the map search tool, the system allows the user toname the polygon search area for future reference and future searching.The system enables the user to save multiple search areas, if desired.

FIG. 120 illustrates an alternative method for defining a search area.In this embodiment, the user creates a radius 12002 using a radiusbutton 12000. The user can click and drag the radius 12002 to anylocation on the map. The user can also re-size the radius 12002 asneeded. The system preferably displays the distance of the radius 12002on a bottom status bar of the map. Like the polygon, the system allowsthe user to name the radius search are for future reference and futuresearching. The system enables the user to save multiple search areas,including combinations of radius and polygon search areas.

The polygon search tool and the click-and-drag radius search tool can beused independently or in combination with one another. Thesegeographic-based map queries can also be used with or without anaccompanying traditional text-based search. These interactive map searchtools are widely applicable for searching geographic-based data. In thespecific context of commercial real estate, the map search tools can beused to search, for example, sales transaction data, space availabilityfor lease and/or sale, and information regarding tenants in commercialreal estate.

As shown in FIGS. 118-120, the map search tool of the present inventionallows a user to specify one or multiple radii or custom submarket areasas geographical search criteria. The user can click and drag a rectangleor radius anywhere on a map. In addition, the user can click on thecorners of a polygon to create an outer boundary of a custom submarket.The user can save the designated search areas and can retrieve the areasfor future and/or periodic searches.

FIGS. 121-124 provide screen shots showing the operation of an exemplarymap search tool of the present invention. As shown in FIG. 121, the userhas defined a search area using the polygon search tool. In FIG. 122,the user defines attributes or search criteria for properties within thedefined search area. In a particular implementation, these attributesare specific to properties for lease. In FIG. 123, the system returns alist of properties within the search area that meet the attributes. Asalso shown in FIG. 123, the system can also display a pop-up window witha photograph of the property corresponding to the listing over which themouse pointer is positioned. In FIG. 124, the system plots the searchresults over the defined polygon search area, indicating each resultwith a building icon. As also shown in FIG. 124, the system can alsodisplay a pop-up window with a photograph of the property correspondingto the icon over which the mouse pointer is positioned.

FIGS. 125 and 126 illustrate an exemplary system and method forexecuting the map-based search functions described and shown above. On abroad level, the map-based search tool of the present invention receivesa radius, rectangular, or polygonal area drawn over a map by a user,divides the area into a plurality of pixels, determines latitude andlongitude coordinates corresponding to the pixels, calculates a spatialindex based on the coordinates, and retrieves data associated with thecoordinates and the spatial index. In an embodiment of the presentinvention, the latitude and longitude coordinates are determined bysending an XML message to a mapping application, such as MapQuest™. FIG.126 lists an example of an XML message generated from polygon and radiussearches, to which a mapping application would respond with latitude andlongitude coordinates.

As shown in FIG. 125, a system X100 according to the present inventionincludes a client X102 in communication through a computer network (notshown) with a web site X104. Client X102 is provisioned with a clientapplication X116 (e.g., a web site or MS Windows application) that iscooperative with web site X104. Client X102 is also provisioned with aclient-side drawing engine X118 (e.g., Javascript or VML for the web)for drawing search areas (e.g., polygon and radii search areas) over amap.

Web site X104 provides the user interface through which client X102accesses the map search functions of the present invention. The pages ofweb site X104 are served by a service provider server X106, whichincludes a web service X108, a map calculation application 110, and aclient mapping component X112.

Web service X108 provides map functions such as map creation, zooming,panning, and rescaling.

Map calculation application X110 converts the search areas drawn byclient X102 into pixels, calculates the spatial index corresponding tothe pixels, and generates XML query messages requesting latitude andlongitude coordinates corresponding to the pixels.

Client mapping component X112 provides means for communicating with amapping server X114. Mapping server X114 receives the XML query messagegenerated by map calculation application X 10 and converts the pixelsinto latitude and longitude coordinates. Mapping server X114 is incommunication with web site X104, to which mapping server X114 sends thelatitude and longitude coordinates.

Web site X104 is also in communication with a search engine and databaseX120. Given the latitude and longitude coordinates provided by mappingserver X114 and the spatial index calculated by map calculationapplication X110, search engine and database X120 retrieves dataassociated with the coordinates and spatial indexing. Search engine anddatabase X120 corresponds approximately to core data warehouse A16,database processes A18, and Internet integration application A20 of FIG.1.

With continuing reference to system X100, FIG. 126 illustrates anexemplary method for retrieving geographic-based data using areasdefined by the drawing of client X102, which in this example is either aradius or a polygon. In step X200, the method begins by converting thedrawn area into pixels (e.g., squares in this case). For a radiussearch, the circular area is converted into a bounding box defined bythe length of the radius. For a polygon search, the polygon area isconverted into multiple quadrangles based on the polygon definition. Inreference to Figure X1, map calculation application X110 performs thisconversion of the drawn area.

After pixelating the drawn area, in step X202, XY shapes of theconverted areas are converted to latitude and longitude coordinates. Inreference to FIG. 1, mapping server X114 performs this conversion.

In step X204, the method continues by calculating the spatial indexbased on the latitude and longitude coordinates. In this example, mapcalculation application X110 performs this calculation.

In step X206, the latitude and longitude coordinates and the spatialindex are used as criteria in performing a search. In addition to thesesearch criteria, other attributes can be used to retrieve certain data.In reference to Figure XI, search engine and database X120 performs thissearch. In a particular implementation, these additional attributes arespecific to properties for lease.

Finally, in step X208, the data satisfying the given coordinates andspatial index, along with any other attributes, is returned. Thus, forexample, in the context of commercial real estate, the data wouldinclude properties located within the drawn search area (therebyassociated with the given coordinates and spatial index) and having thespecified attributes (e.g., price per building square foot, gross acres,and year built).

As shown in FIGS. 125 and 126, a significant benefit of the presentinvention is its ability to calculate spatial indexing on the fly,rather than storing spatial indexing in the database that holds thegeographic-based data (e.g., database X120 of FIG. 125). Consequently,it is unnecessary to modify the database, no software or local controlsare needed, and, because the present invention is purely web-based, themapping server does not need to interact with the database containingthe geographic-based data.

In an alternative embodiment of the present invention, the map searchtool uses an aerial photograph as the map. In this manner, a user canview the actual appearance of an area and define geographic areas (e.g.,radius, rectangle, or polygon) over the photograph. The system displaysthe search area and the search results over the photograph in the samemanner described above for pictorial maps.

FIGS. 127-132 illustrate an exemplary method for spatial indexing,according to an embodiment of the present invention. A goal of thismethod is to build an XML document that contains a list of quadrangles(latitude/longitude boxes), which cover the polygon as accurately aspossible with as few quadrangles as possible. These quadrangles can beused in SQL Server to quickly retrieve latitude/longitude locationvalues.

As shown in FIG. 127, the first step is to build a bounding “box” aroundthe polygon. Then, a recursive method is used to tessellate the polygon.Specifically, each box is divided into four quarters, as shown in FIG.128. The boxes are then categorized according to whether they areinside, outside, or intersecting the polygon, as shown in FIG. 129. Theanalysis continues on the boxes that are inside or intersecting. Theoutside boxes are ignored. The previous steps are then repeated for anyof the boxes categorized as intersecting. This process is repeated onlyto a certain predefined and configurable level (e.g., 3 or 4iterations). The process keeps track of which level produced each box.Any boxes that are categorized as inside need no further processing, sothey are added to the list of quadrangles.

The method continues by recombining the quadrangles using a recursivemethod to minimize the number of quadrangles. This recursive methodproceeds as follows:

-   -   (1) For each level starting with the most detailed level to the        least detailed level:        -   (a) For each row within a level, combine any two quadrangles            that have matching edges and are categorized with the same            status (Inside or Intersecting);        -   (b) Repeat for each column within a level.

(2) Repeat for each level;

-   -   (3) Repeat the entire process until no more recombinations are        found.

Optionally, additional recombination methods can be applied. Forexample, quadrangles can be combined where one side of one quadrangle isequal to the sum of sides of two or more quadrangles. FIG. 130illustrates a recombined set of quadrangles.

According to this embodiment, the spatial index is then used by a SQLServer as follows. The quadrangles and polygon boundary are loaded fromXML into temporary tables. The spatial query is combined with otherquery criteria such as minimum building square footage and propertytype. A query is performed to retrieve all of the building locationsthat meet the query criteria and are within the inside or intersectingquadrangles. The locations that are in the inside quadrangles are addedto the result set first, as shown by the stars in FIG. 131.

If the result set is not larger than the maximum number of locations toreturn, the radius areas are queried using a bounding box and a circledistance algorithm. If this still does not return more than the maximumnumber of rows for the query, the locations that are inside theintersecting quadrangles are filtered with a point-in-polygon algorithm.The locations that are inside the polygon are added to the final resultset, as shown in FIG. 132. For example, as shown in FIG. 132, thelocation (star) to the left passes the point-in-polygon test and isinside, while the star to the right does not.

V. Field Research

An embodiment of the present invention provides systems and methods forassociating an aerial image with map features and information concerningobjects appearing in the image. The present invention can display anaerial image, overlay map features onto the aerial image, and provideaccess to information concerning objects appearing in the aerial image.

The aerial image, map features, and information are associated on, forexample, a computer graphical user interface. The aerial image is, forexample, an aerial or satellite photograph (or digital photograph) of ageographic area such as a section of a city. The map features areoverlaid on the aerial image and include, for example, linesrepresenting streets and labels indicating street names. The informationis accessible through the aerial image and includes, for example,information about properties (e.g., buildings or land) within thegeographic area. The information can be represented on the aerial imageby icons (e.g., dots) placed over the images of the objects appearing inthe aerial image, and can be accessed by selecting the icon (e.g.,passing a cursor over or clicking on a dot).

A further aspect of the present invention tracks, on the aerial image,the location of an object (e.g., a field research vehicle) moving withinthe geographic area and/or the progress of updates to the informationassociated with the objects appearing in the image.

A specific implementation of the present invention provides systems andmethods for conducting field research, especially for researching realestate properties. An embodiment of this implementation of the presentinvention displays an aerial image of an area containing real estateproperties, overlays map features onto the aerial image, queries adatabase to determine real estate properties within the area thatrequire research and real estate properties within the area that do notrequire research, indicates on the aerial image the real estateproperties within the area that require research, and indicates on theaerial image the real estate properties within the area that do notrequire research. The research status of the properties can be indicatedby, for example, plotting icons on the aerial image over the images ofthe properties, with icons of one color indicating properties thatrequire research and icons of another color indicating properties thatdo not require research. Optionally, this embodiment also indicates onthe aerial image the location of a field researcher investigating thereal estate properties.

Another embodiment of this implementation of the present inventionmonitors the progress of a field researcher by displaying an aerialimage of an area containing real estate properties, overlaying mapfeatures onto the aerial image, querying a database to determine realestate properties within the area that the field researcher needs toresearch and real estate properties within the area that the fieldresearcher has researched, indicating on the aerial image the realestate properties within the area that the field researcher needs toresearch, and indicating on the aerial image the real estate propertieswithin the area that field research has researched. The research statusof the properties can be indicated by, for example, plotting icons onthe aerial image over the images of the properties, with icons of onecolor indicating properties that the field researcher needs to researchand icons of another color indicating properties that the fieldresearcher has already researched. Optionally, this embodiment alsoindicates on the aerial image the location of a field researcherinvestigating the real estate properties.

Another embodiment of this implementation of the present inventiondisplays an aerial image of an area containing real estate properties,overlays map features onto the aerial image, plots an icon on the aerialimage indicating the location of a property, queries a database for astored geocode corresponding to the property, displays the storedgeocode, receives an updated geocode corresponding to the property, andreplaces the stored geocode with the updated code in the database.

In facilitating the research of real estate information, the presentinvention provides graphical interfaces for both a field researcher andalso a dispatcher tracking the progress of the field researcher. Thefield researcher has a user equipment set that includes a display and alocation determining device (e.g., a Global Positioning System (GPS))for generating data pertaining to the researcher's location and fortransmitting the data pertaining to the researcher's location to aremote computer automatically. In one embodiment, the user equipment setis part of a vehicle. Examples of user equipment sets and mobile datagathering systems that the field researcher can use are described abovein reference to FIG. 2.

In one implementation, a field research vehicle includes the followingequipment:

-   -   A wireless code division multiple access (CDMA) remote tracking        global positioning system;    -   A voice-activated touch-screen digital video display navigation        system;    -   A laser encoded portable angle measurement system, capable of        measuring length, height, width, and slab-to-slab height of a        building;    -   A liquid crystal display headliner monitor with real-time        geo-fence tracking on high-resolution aerials;    -   Data collection status monitor;    -   Pneumatic boom with remote controls for zoom and rotation of        digital cameras;    -   Digital cameras for boom and ground photography;    -   Office desk, two chairs, and aircraft task lighting;    -   Hitch and roof video cameras (e.g., for safety);    -   WiFi sniffers and amplifiers for wireless Internet connections;    -   Two notebook computers with photograph editing software (e.g.,        Adobe Photoshop™) and DSLR remote photography capture software        and auxiliary monitor;    -   Walkie-talkies, headsets, and hands-free mounts;    -   Street map software;    -   Digital measurement wheel, plat maps, assessor files, and        ladders for photography;    -   High-speed broadband wireless modem; and    -   Strobes and light bars for safety.

In the researcher interface, the location of the field researcher isplotted on an aerial image. The aerial image includes images of the realestate properties within the area under study. The aerial image alsoincludes overlaid symbols indicating map features (e.g., street namesand street routes) and buildings for which information is maintained.The buildings being researched are determined by queries to a databasebased on the geocodes included in the area under study. The map dataincludes, for example, street names, lines indicating street routes,lines indicating city, county, or state boundaries, and names or symbolsfor terrain features such as rivers and lakes. A property icon caninclude, for example, dots coded (e.g., by color) to indicate whetherthe building over which the property icon is located has been researchedor needs further investigation.

The researcher interface displays information remotely accessed from acentral real estate database. In addition, the researcher interface canindicate the location of the field researcher and whether the propertiesin the area of the researcher have been researched or require furtherinvestigation. As an example, the researcher interface displays over theimages of buildings in the aerial image icons that change color once thebuilding is researched by the field researcher. The researcher interfacecan have (i) red-dots representing assessor data points corresponding tobuildings that need to be researched, and (ii) green dots representingbuildings that have already been researched. In addition, the researcherinterface can display an icon indicating the researcher's currentlocation as well as “bread-crumb” dots showing the researcher's literalpath traveled.

FIG. 133 illustrates an exemplary color researcher interface 1300,according to an embodiment of the present invention. As shown, theresearcher interface 1300 has an icon 1302 displaying the researcher'spresent location, along with dots 1390 having different appearances(e.g., shade or color) to represent buildings that need to be researchedversus ones that have already been researched. By coding the propertyicons (e.g., color coding) and showing the location of the fieldresearcher, the field researcher can employ a breadcrumb methodology,physically traveling up and down each road identified in the grid 1392and accounting for all properties in that grid. For example, a red dotcould indicate a property that needs to be researched and a green dotcould indicate a property that has already been researched and for whichupdated property information has already been entered into a centralreal estate database. The color interface 1300 of FIG. 133, for example,shows properties that have already been researched, as indicated bygreen dots.

FIG. 134 illustrates an exemplary method 1303 for researchinginformation regarding commercial real estate properties, according to anembodiment of the present invention. As shown, the method begins in step1304 by displaying on a computer user interface an aerial image havingicons corresponding to properties appearing in the aerial image. Theicons can be positioned adjacent to or over the images of theirrespective properties. Each icon represents a property for whichinformation is stored in a real estate database. An icon can be, forexample, a dot or a representation of building.

According to one embodiment, displaying the property icons in step 1303involves retrieving electronically public records of the properties,determining addresses of the properties from the public records,converting electronically the addresses of the properties into globalpositioning system (GPS) coordinates, and positioning the property iconson the aerial image according to the GPS coordinates. The addresses areconverted, for example, using a conversion software program.

In step 1305, a selection of an icon of a property is received. Forexample, a user can position a mouse cursor over the icon and click onthe icon.

In response to the selection, in step 1306, a record associated with theproperty is retrieved from the real estate database. The record ispopulated with information retrieved from a public record. For example,the public record can be a tax assessment record. As another example,the public record can be retrieved from a private database of businessinformation. The information retrieved from the public record caninclude, for example, assessor parcel number, legal description,address, land use, lot size, building square footage, percent improved,stories, zoning, and total assessed value.

In step 1307, the record of the property is displayed. The recordincludes the information from the public record. In this manner, a fieldresearcher can use the information as a basis for beginning fieldresearch on the property. The field researcher can compare the publicrecord information to the actual characteristics of the property thatthe field researcher observes. In some instances, the assessor parcelnumber for an individual property is not available in the public record(e.g., the property is one space of a large building), in which case thefield researcher can use plat maps to locate the assessor parcel numberand enter the assessor parcel number into the record.

As part of the field research, the field researcher uses public recordsinformation that is available to the researcher and conducts a detailedsite inspection. In the process, the researcher develops propertyinformation that is more current, accurate, and extensive than thefields typically provided in a public record. This additionalinformation includes, for example, building type (e.g., office,industrial, flex, or retail), building status, stories above grade,building class, typical floor, construction type (e.g., metal, woodframe with brick veneer, or steel frame with brick veneer), buildingheight, slab-to-slab height, gross building area, rentable buildingarea, parking (e.g., surface, covered, or on-street), and amenities.Gross building area refers to the total square footage of an entirestructure, including usable area, common areas (e.g., lobbies orrestrooms), and vertical penetrations (e.g., stairwells and elevatorshafts). Rentable building area refers to the total square footage ofuseable area and common area that is for lease.

The additional information can also include location information, suchas address, building name, building park, cross street, tenancy,location, and frontages.

The additional information can also include details about retailfeatures and industrial features. Retail features could relate todedicated turn lanes, curb cuts, pylon signs, and outparcels/pads.Industrial features could relate to loading docks, dock levelers, railspots, truck wells, drive-in doors, ramp doors, and cross docks.

The additional information can also include ratings of the property onscales ranging from poor to adequate to excellent. These ratings couldrelate to categories such as HVAC systems, rear loading access,amount/quality of parking, traffic count, signage, management services,maintenance/condition/cleanliness, architectural attractiveness/curbappeal, landscaping/exterior amenities/artwork, interior amenities,lobby/artwork/concierge, finish and materials, ease of access,location/prominence/visibility, tenant mix, slab-to-slab/ceiling height,and column spacing/efficiency.

The additional information can also include contact information forreaching representatives of the property. This contact information caninclude, for example, company name, company type, address, telephonenumber, website, square footage available, leasing agent, and salesagent. Such information can sometimes be gleaned from for-lease andfor-sale signs posted on the property.

The additional information can also include tenant information such astenant name, tenant type, floor, suite, telephone number, andfull/partial floor occupancy by the tenant. Some of this information maybe provided by the public record or by services providing access to aprivate database of business information. In such cases, the fieldresearcher would verify the supplied information based on actualobservations (e.g., seeing a building sign, building directory, or doorsign listing the name of the tenant).

The additional information can also include digital photographs of theproperty. The field researcher can obtain the image using a digitalcamera. The photographs can include a primary image showing the overallproperty and alternate images showing other aspects of the property.

The additional information can also include footprints of the propertythat indicate, for example, the latitudes and longitudes associated withthe property and the property's offsets from the street.

In developing information related to the size and dimensions of aproperty, a field researcher can use a laser measurement device,according to an embodiment of the present invention. For example, inmeasuring the gross building area of a property, a researcher can usethe laser measurement device to measure the length and width of theproperty to determine a footprint of the property. The researcher thendetermines the number of floors of the property and calculates the grossbuilding area from the footprint and the number of floors. An example ofa laser measurement device suitable for this function is the LaserAce300™ produced by Measurement Devices Ltd. of Houston, Tex.

Returning to FIG. 134, as the field researcher records her observations,the method continues in step 1308 by receiving these actualcharacteristics of the property based on the in-person observations ofthe property. Then, in step 1309, the record is revised to reflect theactual characteristics of the property. In step 1310, the method ends byupdating the real estate database with the revised record.

In further aspects of the present invention, the icons displayed in theaerial image indicate the status of the information associated with theproperties. For example, in one aspect, the appearance (e.g., color) ofan icon is changed to indicate that the record associated with the iconhas been revised to reflect the actual characteristics. Thus, a red dotcould indicate that the record for the associated property includes onlyinformation retrieved from the public record and that the record has yetto be developed with observations of actual characteristics gleaned froma live, in-person review of the property.

In another aspect, the appearance of the icon could indicate the sourcefrom which the public record was obtained, such as red dot indicatingthat the public record originates from tax assessor records and a yellowdot indicating that the public record originates from a private companythat provides business information. FIG. 133 illustrates examples ofrecords originating from private companies, as indicated by yellow dots1393.

In another aspect, the appearance (e.g., a purple dot) of a particularicon could indicate that a particular property associated with theparticular icon is of a type unsuitable for a real estate database. Forexample, the particular property could be a residential real estateproperty, which is irrelevant to a real estate database that storescommercial real estate information. FIG. 133 illustrates examples ofirrelevant properties, as indicated by purple dots 1395.

In another aspect, the appearance of an icon could indicate whether animage of the property has been obtained. For example, after aresearching a property for a first time, but not obtaining images of theproperty, the icon representing the property on the aerial image couldbe shown as orange to indicate that an image has not yet been obtained.Then, after obtaining the image and including the image in the revisedrecord, the icon could be changed to green to indicate that the propertyhas been researched and an image of the property has been obtained.

Integrating the aerial image, map features, and property information onone interface also enables the researcher to correct the geocodes storedin a central real estate database. Correct geocoding providessignificant benefits including providing field researchers with reliablenavigation tools, accurately placing property icons over properlocations on the aerial image, accurately classifying properties intothe proper submarket classifications, and facilitating databaseadministration. For example, correct geocodes are crucial to performingaccurate searches for properties within a specifically defined regionsuch as one side of a street or a square city block. In such instances,the geocodes derived from street addresses typically do not provide therequisite accuracy.

FIG. 135 illustrates an exemplary method 1311 for geocoding a property,according to an embodiment of the present invention. The property wouldbe associated with a geocode in a real estate database, for example. Asshown, the method begins in step 1312 by electronically retrieving apublic record of the property. This public record could be obtained by,for example, querying a public records database through a computernetwork (e.g., the Internet) or by downloading a group of public recordsfrom a public records database. The public records database could beprovided by a government organization, such as those associated withconstruction permits, urban planning, zoning, or tax assessment. Thepublic record can contain property information such as address, owner,lessee(s), assessed value, purchase price, and assessor parcel number(APN).

The method continues in step 1314 by determining an address of theproperty from the public record. Typically, this address would beprovided in a designated field of the public record.

In step 1316, the address of the property is converted electronicallyinto global positioning system (GPS) coordinates. The address isconverted, for example, using a conversion software program.

In step 1318, an aerial image of an area of land is displayed on acomputer user interface. The area of land encompasses the address of theproperty. The aerial image includes an image of the property.

In step 1320, an icon is displayed on the aerial image, which ispositioned according to the GPS coordinates derived from the addresslisted in the public record. This preliminary position of the iconrepresents an approximate location of the property. The aerial image caninclude map features that are overlaid on the aerial image. The mapfeatures can include, for example, street names, lines indicating streetroutes, lines indicating city, county, or state boundaries, and symbolsindicating terrain features.

The method continues in step 1322 by receiving instructions tore-position the icon over the image of the property in the aerial image.For example, a user looks at the image of the property in the aerialimage and the position of the icon, determines a more accurate positionfor the icon, and moves the icon (e.g., by clicking and dragging) tothat more accurate position. Often, the preliminary icon positionderived from the street address is positioned apart from the actualimage of the property, for example, on or near the street that theproperty fronts. A more accurate position of the icon would therefore bein the center of the property or the center of the building on theproperty, for example. The user can also observe the property orbuilding in person to accurately position the icon.

After the property icon is re-position, in step 1324, new GPScoordinates are calculated for the re-positioned icon. This calculationcan be performed using conversion software.

In step 1326, the method ends by associating the property with the newGPS coordinates. For example, the name or address of the property, alongwith its corresponding property information, is associated with the newGPS coordinates in a real estate database.

Associating the property with the new GPS coordinates enables moreaccurate searching. Having the new GPS coordinates based on the actualcenter of the property or building, for example, ensures that ageographically-based search (e.g., a city block, a certain side ofstreet, or a polygon search as described herein) encompasses only theappropriate properties within the defined geographic area.

In a further embodiment of this method for geocoding, after the icon ofa property has been re-positioned and new GPS coordinates have beenassociated with the property, a request is received for a search ofproperties within a geographic region. In response, the database issearched for properties associated with GPS coordinates within thedefined geographic region. From this search, it is determined that thenew GPS coordinates are within the geographic region. Search results arethen issued indicating that the property is within the definedgeographic region.

By simultaneously displaying the field researcher's present locationalong with an aerial image and information from the real estatedatabase, the researcher interface also enables a researcher to betterdefine the market (i.e., identify properties that are not covered in thedatabase and that need to be researched) and to better understandwhether the field researcher has covered all of the buildings in thearea that the field researcher is canvassing.

In a specific implementation of the present invention, field researchersworking in two-person teams drive vehicles equipped with computers, GPStracking software integrated with high-resolution satellite aerialimages, wireless devices to transmit and receive data, high resolution(e.g., 11 mega-pixel) digital cameras, photo-editing software, andhandheld laser instruments to help precisely measure buildings, geocodethem, and position them on digital maps. Working from a single vehiclewith this equipment, the field researchers can photograph a building,enhance the digital image, and transmit it to a central real estatedatabase.

In this implementation, each real estate market is divided into hundredsof half-mile grids, and each team works one grid at a time to researchall relevant information. As researchers travel through a grid, they canview their precise locations on an overhead satellite aerial imageproviding accuracy down to which parking space they are in. As theresearchers move from property to property guided by GPS systems, all ofthe information that the researchers collect can be recorded digitally,leaving “digital breadcrumbs” at each property. Researchers can overlaythese digital breadcrumbs on the aerials for pinpointing areas in theirgrids to investigate. The digital breadcrumbs enable the researchers toefficiently cover all the relevant areas in the grid, skipping none andminimizing overlap. In this manner, the field researchers can developinformation on every building, every available space, and every newleasing sign that goes up.

Each grid can contain many task points that indicate probable propertiesthat need to be researched. Researchers can stop at each or building andcollect laser measurements, classify the properties, rate them, mapthem, collect tenant names, and fill in various property information,such as leasing and for-sale contacts. With two member teams, one membercan circle the property researching information and radioing it back tosecond member in the vehicle, who enters the information into thedatabase and/or verifies data already existing in the database.

After a property is researched for the first time, in future surveys,field researchers can shift to reconciling the information in thedatabase with what is observed in the field, including updatingphotographs, looking for new leasing and for-sale signs, verifyingreported move-ins and move-outs, and monitoring properties underconstruction, refurbishment, or expansion.

FIGS. 136-138 illustrate an exemplary dispatcher interface, according toan embodiment of the present invention. The dispatcher interfacedisplays information accessed from a central real estate database andindicates the properties in the vicinity of the field researcher thathave been researched and those that require further investigation.Optionally, the dispatcher interface also indicates the geographicposition of the field researcher. The dispatcher interface providessignificant quality control functions, including allowing the dispatcherto monitor whether the field researcher has missed updating relevantbuildings.

FIG. 136 shows an exemplary color dispatcher interface 1330 having anoverall aerial image 1332 overlaid with street names 1334, street routes1336, and dots 1338 located over properties corresponding to theproperties for which information is maintained in a real estatedatabase. The dots 1338 indicate, by color coding in this example, whichproperties have been researched and which properties still need to beresearched. In this example, green dots 1339 indicate researchedproperties and red dots 1341 indicate properties yet to be researched. Adispatcher can use the overall aerial image of FIG. 136 to assess afield researcher's progress in canvassing a particular grid 210. Thisinterface therefore provides the dispatcher with the ability to monitorthe location of the field researcher and the progress of the fieldresearcher in developing information on real estate within a designatedarea.

FIG. 137 shows an enlarged view 1342 of a portion of the image of FIG.136. To create the view 1342 of FIG. 137, a dispatcher zooms in on aportion of the image of FIG. 136. The dispatcher can select a particularproperty within any view to determine the information stored for thatproperty in the real estate database. In FIG. 137, for example, thedispatcher has selected the dot 1334 corresponding to a property locatedat the address of 11911-11913 Warfield Street. The dispatcher makes thisselection by, for example, running a cursor over the dot 1334. Thepop-up text shown in FIG. 137 provides the address information andindicates that the property is an office building. By selecting propertyicons and viewing the corresponding information, the dispatcher canensure the quality of the information entered by the field researcher.

FIG. 138 shows a further aspect of the quality control functionsavailable to a dispatcher. For example, after running the cursor overthe dot in FIG. 137, the dispatcher can then select the dot to show allof the information stored for the corresponding property. FIG. 138illustrates an exemplary interface 1350 that presents this informationin tab form. As shown by the tabs 1352, the interface can include manycategories of information, including location, overview, details,contacts, ratings, tenants, images (e.g., exterior and interiorphotographs of the property), footprints, and public record. The tabdisplayed in FIG. 138 includes an image of the selected property. Byviewing the specific information appearing in these views, thedispatcher can further ensure the quality of the information entered bythe field researcher.

Although specific implementations of the present invention have beenpresented in the context of conducting field research on commercial realestate, one of ordinary skill in the art would appreciate that thepresent invention has other useful applications. For instance, thepresent invention could be used for a self guided walking tour in whicha user can view a route to be followed as well as a path alreadytraveled, and can access information about properties encountered alongthe tour. Thus, notwithstanding the particular benefits associated withusing the present invention in the context of commercial real estate,the present invention should be understood to be broadly applicable toany situation in which a user can benefit from understanding theassociation between an aerial image, map data, and informationconcerning objects appearing in the aerial image.

Detailed Description of Derivative Embodiments

According to another aspect of the present invention, the systemincludes a method and system for listing and brokering a commodity andits financial derivatives. The method begins by identifying a pluralityof characteristics of a particular commodity such as commercial realestate, and then entering those characteristics into a data processingsystem using a real-time clock. Once the commodity characteristics areentered, an exchange market for the commodity is established based upona pre-selected set of the commodity's characteristics. After marketprice for each commodity listed in the database has been set, a class orclasses of financial derivatives can be established. Then, with theestablishment of derivative classes, a financial exchange market forthose derivatives can be established.

The characteristics of the commodity to be listed, and subsequentlytraded, would preferably include: a geographic location; a lease termstart date range and a lease term end date range; a building class(e.g., class A, B, C); a volume; and a cost. These characteristicsgenerally describe commercial real estate, which is the broad class ofcommodity to be traded in an embodiment of the present invention.

The entry of the commodity into the data processing system comprisesseveral steps, these include: determining whether or not the commodityis being identified to the data processing system for the first time;and, storing the commodity characteristics in a commodity database ifthe entry is indeed a first time entry. If the entry is not a first timeentry, then the status of the entry with respect to being a candidatefor purchase, sale, or trade would need to be determined.

The description or characteristics of the derivatives would be moregeneral in context than that of the commodity itself and could bedescribed by a series of broad categories. These categories mightinclude: all commercial real estate available during a particular timeperiod in a particular region; all commercial real estate of a certainclass or cost; or, a combination of categories. The broadcharacteristics of the derivatives would comprise a Lease SpaceEquivalent Unit, or LSEU.

The LSEU comprises a: common descriptive link between varied commoditytypes; a time period (contract length) that runs from the date of thecontract to the performance date of the commodity; and, a contractprice. When entering the characteristics of the LSEU into the dataprocessing system, the system determines whether the entry is being madefor the first time. If so, then the characteristics are entered into thederivatives database and an identifier is issued. If the describedderivative has been previously entered into the system, then the systemdetermines the status of the derivative, with respect to whether or notthat derivative is being exchanged, sold, or traded.

The system which employs the method of the subject invention comprises anumber of elements that include: data processing means for accepting andstoring the parameters of the commodity available for sale or exchange;data processing means for entering a description of the commoditydesired for purchase or exchange; means for determining whether a matchexists based upon a comparison of the commodity offered for sale andthat requested for purchase or exchange; means for displaying thematched entry to a system operator; means for selecting the matchedentry for purchase and/or exchange; means for determining a class offinancial derivatives based upon a predetermined set of characteristicsresident in the commodity descriptions stored in the database; and meansfor selecting a class of derivatives for purchase and/or exchange.

The data processing means of the system, in turn, further comprises asystem controller. The system controller is comprised of a number ofelements, which include: a data processing system and programs for themanagement of data; data entry means for entering data into the dataprocessing system; memory means for storing data; and, communicationmeans for communicating data between the system controller and aplurality of input and output points. The input and output points, forthe input and output of data, comprise: one or more commodity inputpoints; one or more commodity receiver points; one or more commoditybrokerage points; and, one or more derivative exchange points.

The system for implementing this aspect of the present invention can bea known system, such as that shown in FIG. 72 and FIG. 73, applied tothis new area and taking advantage of the unique unified data model ofthe present invention. To begin with, as shown in FIG. 72, a high levelflowchart of the overall system of the subject invention is designatedas system 910. System 910 comprises a central hub in the form of asystem controller 912 which can be a computer or a data processingsystem for processing data entered by the system operator. Systemcontroller 912 has a number of input and output points which allow nodeslocated at the input and output points to utilize this known method in anew context, i.e., commercial real estate.

Commodity input point 914 can exist as a single point or as multiplepoints. At commodity input point 914, the description of a commodity tobe traded or purchased is entered into system 910 and resides withinsystem controller 912. In one embodiment, the commodity to be entered iscommercial real estate. Entry of the commodity into system 910 mustinclude enough information so as to identify the commodity in time,place, volume, and class. In an alternative embodiment of the subjectinvention, system controller 912 resides within each of the input andoutput points 914, 916, 918, and 920 so that the database of each isredundant to the others with respect to storing commodity data.

Commodity receiver point 916 can exist as a single point or as multiplepoints. At commodity receiver point 916, the description of a commoditythat has been purchased is confirmed to the purchaser by a confirmationtransmitted from system controller 912. The confirmation will include anidentification of the commodity purchased and a market value for thecommodity that will be debited from an account of the purchaser andcredited to an account of the carrier listing the commodity.

Commodity brokerage point 918 can exist as a single point or as multiplepoints. At commodity brokerage point 918, the trading of a commoditybetween a commodity owner and a secondary purchaser is entered intosystem 910. A secondary purchaser is defined as a purchaser who did notpurchase the commodity to be traded directly from the carrier whointroduced the commodity to the market. A request to purchase or trade aparticular commodity is entered into system controller 912, which willattempt to seek a match between the commodity requested and commoditiesavailable for sale or trade. Alternatively, a listing of commoditiesavailable for sale or trade, within certain parameters, can be displayedprior so that a sale or trade request can be subsequently entered.

Derivative exchange point 920 can exist as a single point or as multiplepoints. At derivative exchange point 920, the trading of a derivativebetween a derivative owner and a derivative purchaser is entered intosystem 910. A derivative is defined as a financial instrument whosevalue is based on the perceived future collective value of a breadbasketof primary instruments. For example, a derivative could be based on thevalue of all commercial real estate leases of a specified class in aspecified area for a period ending on a particular date some time in thefuture (i.e., 90, 120, 180 days forward). A request to purchase or tradea particular derivative is entered into system controller 912, whichwill attempt to seek a match between the derivative requested andderivatives available for sale or trade. Alternatively, a listing ofderivatives available for sale or trade, within certain parameters, canbe displayed prior so that a sale or trade request can be subsequentlyentered.

Turning to FIG. 73, there is shown subsystem 925, which represents aninput/output point that is porting data to system controller 912 shownin FIG. 72. Subsystem 925 comprises: microprocessor 930 for processingdata entered by the system operator; microprocessor 930 operativelyconnected to monitor 932 where the system operator can view entries madeto the system, matches available, or receive notification of a match;keyboard 934, which is used to make data entries to the system connectedto microprocessor 930 by interface cable 938; and, modem 936, which cantransmit data entries to, or receive data entries from, systemcontroller 912, connected to microprocessor 930 by interface cable 942.

Description of a Representative Embodiment

As described above, the system and method of the present inventionprovide the unified data model required to complete the development of adigital marketplace for the commercial real estate and related businesscommunity. The marketplace contains a wealth of information that can beused to provide an array of new services.

An embodiment of the database of the present invention tracks over 15billion square feet of U.S. commercial properties, and is one of thelargest in existence. Over 700 researchers make daily updates to thedatabase. This highly complex database is comprised of hundreds of datafields, tracking such categories as: location; site and zoninginformation; building characteristics; space availability; taxassessments; ownership; sales comparables; mortgage and deedinformation; for-sale information; income and expense histories; tenantnames; lease expirations; contact information; and historical trends.

The database includes over 660,000 high-resolution digital images,including building photographs, aerial photographs, and floor plans. Thedatabase tracks approximately 900,000 tenants occupying office andindustrial space in 54 U.S. markets.

One embodiment also employs a sophisticated data collectionorganization, made up of a combination of researchers, managementsystems, computer and communications hardware, and software systems. Tobegin with, over 700 researchers collect and analyze office andindustrial real estate information through hundreds of thousands ofphone calls, e-mails, Internet updates, and faxes a year, in addition toe-mails, field inspections, news monitoring, and direct mail. Moreover,because of the importance commercial real estate professionals place onthe data, they frequently take the initiative to report transactions toour researchers.

In addition, the system includes management and quality control systems.Both automated and non-automated controls are used to ensure theintegrity of the data collection process. A large number of automateddata quality tests check for potential errors including occupancy dateconflicts, available square footage greater than building area, typicalfloor greater than land area, and expired leases. Non-automated qualitycontrol procedures include: calling our information sources onrecently-updated properties to re-verify information; reviewingcommercial real estate periodicals for transactions to cross-check ourresearch; and performing field checks to ensure the correct canvassingof all building. Finally, one of the most important and effectivequality control measures is feedback, garnered through regular clientsurveys taken from the commercial real estate professionals using thedata of the present invention every day.

With regard to computer and communications hardware, the systemmaintains Windows NT servers in support of the database and a nationalinternal frame relay network to allow remote researchers real-timeaccess to the database. Full data back-ups are stored off-site.

The system uses client-server software to manage internal datacollection. In addition, the system uses custom software systems forfour primary functions: collection of building-specific data; trackingof commercial real estate companies and individuals; facilitatingoperations; and distribution of data.

Embodiments of various services that can be provided with the unifieddata model will now be described in detail in the following paragraphs.

CoStar Property: This is a database of more that 15.3 billion feet ofcommercial space in the United States (mostly office and industrial),combining hundreds of data fields such as space availability, salescomps, properties for sale, ownership, photos, size, location, andcharacteristics. CoStar Property has fostered the development of thedigital leasing marketplace. Clients use CoStar Property to researchleasing options, analyze market conditions and competitive propertypositions, and produce multimedia client presentations. Members of thebroader commercial real estate community, including non-CoStar Propertysubscribers, Use CoStar Property extensively to market their properties.The subscriber can query CoStar Property with any combination ofpertinent criteria, combining any of approximately one hundred datafields from categories such as building size, location, buildingcharacteristics, space, availability, ownership, or sales comparables.CoStar Property's search engine scans through hundreds of millions ofsquare feet of space in a specified market in seconds to find all theproperties meeting the search criteria. The user can select from over 50customizable reports, presenting space availability, comparable sales,tenant activity, market statistics, photographs, and floor plans. Theuser can export and edit reports, photos, and floor plans to helpdetermine feasibility of a specific space. Clients also use CoStarProperty to analyze market conditions by calculating current vacancyrates, absorption rates, or average rental rates.

CoStar Tenant: This is a database of some 900,000 tenants and theirlease terms, including all building information, rents, lease terms,commissions and broker, tenant type or business, and other data. A keyservice feature is accurate lease expiration information. Clients useCoStar Tenant to: find information about particular tenants; identifyand target the most likely tenants to lease space; identify all tenantsin a particular building; understand trends and the underlying demandfor commercial real estate; identify and target the tenants most likelyto need representation for their real estate requirements; and identifyand target the tenants most likely to buy a particular vendors' goodsand services.

COSTAR EXCHANGE™: Allows property owners to list their properties forsale (and list extensive information about their properties) on thesystem operator's website at no cost. The generation of the product isfrom the company's database, incorporating much of the data in Tenantand Property but emphasizing the sale process as opposed to the listingprocess. Emphasized information will include tenant information, leasinginformation, and income and expense data. These listings allow sellersto reach a very large audience. There are currently over 38,000buildings for sale in the CoStar/Comps database, representing in excessof some $40 billion in aggregate value. The system is sold on asubscription basis into the existing client base and can also createon-off revenue. The exchange is a web-based marketplace to moreefficiently and securely facilitate the buying and selling of commercialproperties. Information is distributed through a secure web service,known as COSTAR EXCHANGE™. The site affords an efficient means for thesesellers to reach a large universe of potential buyers. Potential buyerspay a subscription fee to access the system. Sellers of investment-gradeproperties have the additional option of selecting limited, securedistribution of their properties in order to address confidentialityrequirements.

CoStar Analytic: This service is a web-based analytical tool based onthe tenant and property databases. The tool is designed to allow usersto analyze underlying trends in the covered markets. The types ofinquiries that can be made are nearly limitless and are based oncombinations of fields in the database. A typical inquiry might be toanalyze leases rolling over in a submarket over a forward 36-monthperiod to try to determine the leasing success of a potential newdevelopment. CoStar Advisory is sold both on a subscriber basis and on aper-search basis. Users can analyze the important changing trends inmarket metrics such as vacancy rates, tenant movements, supply, rentalrates, tenant demographics, new construction, and absorption rates. Thisweb-based analytic tool allows users to perform more sophisticatedanalyses of underlying market conditions and trends when makinginvestment, leasing, purchase, sale, construction, and marketingdecisions involving commercial real estate. These tools providestrategic insight into the changing trends in vacancy rates, tenantmovements, supply, new construction, absorption rates, and otherimportant market metrics. The system also provides fee-based customizedreports and advisory services.

CoStar Comps: This service is an enhanced web-based service providingconfirmed commercial real estate sales information on properties thathave recently sold. This web-based service enables clients to track andanalyze sales comparables in a more timely and comprehensive manner thanis currently possible. This service covers 47 national markets,including information on comparable sales such as sale prices, incomeand expenses, capitalization rates, loan data and other details. Clientscan search the proprietary database of comparable sales information bymultiple search parameters, including location, property type, squarefootage, price range, and number of units. Clients receive a report ofall relevant properties in the database matching their search criteria,including photographs.

CoStar Marketplace: The participants in the CoStar marketplace directlyinfluence approximately $100 billion in leasing and sales each year. Thesystem allows the system operator to provide digital marketingopportunities to reach this audience through premium high-exposurebanner ads on CoStar and on the website. The Marketplace provides anonline means for the commercial real estate and related businesscommunity to direct advertising to the appropriate decision-makers. Theservice benefits clients by providing increased distribution, highervisibility, and a more cost effective way to reach an audience targetedfor their advertising material.

CoStar News: This service provides website, CoStar, and e-mail newsdispatches that keep clients informed of late-breaking commercial realestate news such as deals signed, acquisitions, ground breakings andother features. Web banner ads are prominently displayed on the site,generating significant revenues. The system also allows the systemoperator to deliver a free e-mail system built around customized clientprofiles, with highly-targeted banner advertising attached.

The present invention thus provides a digital marketplace in which themembers of the commercial real estate and related business community cancontinuously interact and can facilitate transactions by efficientlyexchanging accurate and standardized information. In addition, thesystem operator is capable of providing the depth and breadth of thefollowing services:

Digital leasing marketplace—provides the information required toefficiently conduct commercial real estate leasing transactions, bothbetween brokers and between owners and brokers. The system operatordelivers this service through CoStar Property and CoStar Tenant, whichbenefit clients by providing a more comprehensive solution with muchhigher data quality, at substantially less time and cost than otherwiseavailable.

Digital selling marketplace: This service provides the informationrequired to efficiently and securely conduct commercial real estate buyand sell transactions. The system operator can deliver this servicethrough CoStar and enhance this service through COSTAR EXCHANGE™. Thisservice benefits clients by allowing purchasers to make more-informedinvestments and sellers to maximize realized property values.

On-line decision support services: These services allows members of thecommunity to perform analysis of underlying market conditions and trendswhen making investment, leasing, purchase, sale, build, and marketingdecisions involving commercial real estate. The system operator candeliver these services through CoStar Analytic and CoStar Comps. Theseservices benefit clients by providing powerful, flexible,time-efficient, and accurate analytic capabilities.

Tenant information services: These services enable members of thecommercial real estate and related business community to identify andmarket to the tenants who are the most likely prospects for their goodsand services. The system operator delivers these services primarilythrough CoStar Tenant. These services benefit clients by more preciselyidentifying and capturing viable prospects at a lower cost.

On-line property marketing: This service provides a targeted on-linemeans for the commercial real estate and related business community todirect advertising to the appropriate decision-makers. The systemoperator can deliver this service through CoStar and via the website.This service benefits clients by providing them increased distribution,higher visibility, and a more cost-effective way to reach their targetedaudience than otherwise available.

On-line industry news: This service allows members of the commercialreal estate and related business community to remain current withdevelopments in the industry. The system operator delivers theseservices through CoStar, www.costargroup.com, which benefit clients byproviding more timely and in-depth news.

The increased availability of the services from a web-based platformwill allow the commercial real estate and related business communityreal-time access to the CoStar marketplace data and provide theopportunity for increased interaction among community members. This willlead to the development of a more efficient commercial real estatemarketplace.

An embodiment of the present invention relates to a system and methodfor collecting, standardizing, and distributing information pertainingto commercial real estate. The information falls into three conceptualcamps: Information about the leasing of commercial space (which itselfis divided into tenant data and space-for-lease data); Information aboutthe listing and sale of buildings; and Market research.

The commercial real estate brokerage community supplies the first twotypes of information. As a broker in a local market gets a listing, thespace for sale or rent is listed in the CoStar system and theinformation enters the database. For example, if a user wanted 10,000feet in downtown Los Angeles, the CoStar system would allow the tenantrepresentative broker to search suitable locations in that market basedon up to 100 data fields. Listing brokers that represent the propertyowner would have provided the actual data.

The present invention achieves significant network effect benefits tothe extent nearly every major brokerage company in the United Statessubmits its data and uses the system. If a large brokerage does not usethe system, its clients do not get the best and widest market for leaseor sale transactions. Imagine a stockbroker that maintains an internalmarket in a select group of stocks, but the market is highly illiquidand inactive. Meanwhile, all the other brokers share information andliquidity in a centralized digital exchange. If a customer happens towant to sell a particular stock and no one in the small broker's officeis familiar with what is going on with that stock, the customer would beout of luck. This is the conundrum the real estate brokers face, asnetwork effects cause the system to become even more important.

In all cases, the information is scrubbed, verified, and systemized toconform to the database so it is digitally accessible. In the case ofmarket data, some is digitally culled from the 1.5 terabytes ofhistorical real estate data that already exists in CoStar's computers,supplemented by on-going field research. Field researchers using mobilevehicles and other tools compile digital images, location information,and site-specific data, both verifying data already entered by thebrokerage community and completing the market research function. Thesystem standardizes information across source and market.

In describing representative embodiments of the present invention, thespecification may have presented the method and/or process of thepresent invention as a particular sequence of steps. However, to theextent that the method or process does not rely on the particular orderof steps set forth herein, the method or process should not be limitedto the particular sequence of steps described. As one of ordinary skillin the art would appreciate, other sequences of steps may be possible.Therefore, the particular order of the steps set forth in thespecification should not be construed as limitations on the claims. Inaddition, the claims directed to the method and/or process of thepresent invention should not be limited to the performance of theirsteps in the order written, unless that order is explicitly described asrequired by the description of the process in the specification.Otherwise, one skilled in the art can readily appreciate that thesequences may be varied and still remain within the spirit and scope ofthe present invention.

The foregoing disclosure of embodiments of the present invention hasbeen presented for purposes of illustration and description. It is notintended to be exhaustive or to limit the invention to the precise formsdisclosed. Many variations and modifications of the embodimentsdescribed herein will be obvious to one of ordinary skill in the art inlight of the above disclosure. The scope of the invention is to bedefined only by the claims, and by their equivalents.

1. In a system comprising a real estate database containing informationregarding commercial real estate properties, a method for disseminatinginformation contained in the real estate database comprising: displayinga computer user interface containing an aerial image of an area of land,wherein an image of a property appears in the aerial image; overlayingmap features onto the aerial image; overlaying onto the aerial image anindication of a location of an object moving within the area of land;associating information related to the property with the image of theproperty appearing in the aerial image; and providing access through thecomputer user interface to the information related to the property. 2.The method of claim 1, the property comprising one of a landmark and acommercial real estate building.
 3. The method of claim 1, theinformation about the property comprising a photograph of the property.4. The method of claim 1, further comprising: displaying an icon overthe image of the property in the aerial image; associating theinformation with the icon; and displaying the information in response toa user's selecting the icon.
 5. The method of claim 4, the userselecting the icon by one of clicking on the icon and moving a mousecursor over the icon.
 6. The method of claim 1, the map featurescomprising one of street names, lines indicating street routes, linesindicating city boundaries, lines indicating county boundaries, linesindicating state boundaries, and symbols indicating terrain features. 7.The method of claim 1, the object comprising an individual investigatingthe area of land.
 8. The method of claim 7, further comprising:receiving from the individual additional information related to theproperty; associating the additional information with the image of theproperty appearing in the aerial image; and providing access through thecomputer user interface to the additional information related to theproperty.
 9. The method of claim 7, the aerial image comprising adigital aerial photograph of the area of land.
 10. A method forconducting field research comprising: displaying on a computer userinterface an aerial image of an area containing properties; overlayingmap features onto the aerial image; and showing on the computer userinterface properties within the area that require research.
 11. Themethod of claim 10, the showing of the properties within the area thatrequire research comprising: querying a database to determine theproperties within the area that require research and properties withinthe area that do not require research; indicating on the aerial imagethe properties within the area that require research; and indicating onthe aerial image the properties within the area that do not requireresearch.
 12. The method of claim 11, a property of the propertieswithin the area that require research indicated by an icon, and themethod further comprising: displaying information related to theproperty in response to a first selection of the icon; receivingadditional information related to the property; associating theadditional information with the icon; and displaying the additionalinformation related to the property in response to a second selection ofthe icon.
 13. The method of claim 12, the icon indicating the source ofthe information.
 14. The method of claim 12, further comprising changingthe appearance of the icon to indicate that the property has beenresearched.
 15. A method for geocoding a property in a commercial realestate database, the method comprising: retrieving electronically arecord of the property; determining an address of the property from therecord; converting electronically the address of the property intoglobal positioning system (GPS) coordinates; displaying on a computeruser interface an aerial image of an area of land, wherein an image ofthe property appears in the aerial image; displaying an icon on theaerial image, wherein the icon is positioned according to the GPScoordinates; receiving instructions to re-position the icon over theimage of the property in the aerial image; calculating new GPScoordinates for the re-positioned icon; and associating the propertywith the new GPS coordinates.
 16. The method of claim 15, the recordcomprising a public record.
 17. The method of claim 15, furthercomprising: receiving a request for a search for properties within ageographic region; determining that the new GPS coordinates are withinthe geographic region; and reporting that the property is within thegeographic region.
 18. The method of claim 15, further comprisingoverlaying map features onto the aerial image.
 19. The method of claim18, the map features comprising one of street names, lines indicatingstreet routes, lines indicating city boundaries, lines indicating countyboundaries, lines indicating state boundaries, and symbols indicatingterrain features.
 20. A method for researching information regardingcommercial real estate properties, the method comprising: displaying ona computer user interface an aerial image having icons corresponding toproperties appearing in the aerial image; receiving a selection of anicon of a property; retrieving from a real estate database a recordassociated with the property; displaying the record of the property onthe computer user interface; receiving actual characteristics of theproperty based on in-person observations of the property; updating therecord to reflect the actual characteristics of the property; andupdating the real estate database with the updated record.
 21. Themethod of claim 20, the record comprising a record retrieved from aprivate database.
 22. The method of claim 20, the method furthercomprising determining the assessor parcel number from a plat map if therecord does not provide an assessor parcel number for the property, andentering the assessor parcel number into the record.
 23. The method ofclaim 20, the displaying of the property icons comprising: retrievingelectronically records of the properties; determining addresses of theproperties from the records; converting electronically the addresses ofthe properties into global positioning system (GPS) coordinates; andpositioning the property icons on the aerial image according to the GPScoordinates.
 24. The method of claim 23, further comprising: receivinginstructions to re-position the icons over images of the properties inthe aerial image; calculating new GPS coordinates for the re-positionedicons; and associating the properties with the new GPS coordinates. 25.The method of claim 20, the actual characteristics comprising slab toslab measurements, rentable building area, gross building area, andamenities.
 26. The method of claim 20, further comprising changing theappearance of the icon of the property to indicate that the property hasbeen researched.
 27. The method of claim 26, the changing of theappearance of the icon comprising changing the icon's color.
 28. Themethod of claim 20, further comprising indicating a source of the recordby the appearance of the property icon.
 29. The method of claim 20,further comprising indicating that a particular property associated witha particular icon is of a type unsuitable for the real estate databaseby the appearance of the particular icon.
 30. The method of claim 29,the real estate database storing commercial real estate information andthe particular property comprising residential real estate.
 31. Themethod of claim 20, further comprising recording a digital image of theproperty and including the digital image in the updated record.
 32. Themethod of claim 20, further comprising: recording a digital image of theproperty; including the digital image in the updated record; andchanging the appearance of the property icon a second time to indicatethat the digital image has been included in the updated record.
 33. Themethod of claim 20, further comprising measuring the gross building areaof the property as an actual characteristic of the property.
 34. Themethod of claim 33, the measuring of the gross building area comprising:measuring the length and width of the property with a laser measurementdevice to determine a footprint of the property; determining the numberof floors of the property; and calculating the gross building area fromthe footprint and the number of floors.